July 11, 2013
Gas prices are heading up again.
Rising crude oil prices and a fall in U.S. supplies are driving wholesale gas prices up sharply. That has yet to be fully reflected at the retail level.
Prices at the pump — up 4 cents the past week to a national average of $3.52 a gallon — could climb another 15 cents or higher over the next two weeks. A year ago, the national average was $3.38.
“It’s getting ugly,” says Patrick DeHaan, senior analyst for gasbuddy.com. “First and foremost, the political problems in Egypt are driving crude oil prices, but there has also been a sharp drop in oil supplies the past two weeks. This is coming at a time when demand is at its annual July peak.”