If you are going to be traveling, especially this weekend, you can plan on seeing gas prices at the pump ranging anywhere from 10 to 20 cents more per gallon. With this being a peak time for travel in the U.S., the rise in gas prices could have an impact on what people are planning on doing when it comes to planning those Summer vacations.
According to GasBuddy.com, the average cost per gallon, in the United States, is approximately $3.59. That is already a 17 cent increase, per gallon, compared to gas prices this time last year. With the expected rise, the pumps will be showing prices that are inching closer and closer to the $4.00 mark.
Short-term, we’re going to see the average go into the $3.60, $3.70 range. You’re looking at some markets that were closer to $3 a gallon, like the upper Great Lakes, and they’re going to go back up and be closer to $4. -Tom Floza, chief oil analyst at GasBuddy.com.
With oil prices rising and the political uproar happening in Egypt, we can expect gas prices to rise not only in the coming weekend, but throughout the coming weeks, as well. Egypt isn't a producer of oil itself, however, Egypt is in control of the Suez Canal which is a major artery that transports millions of gallons of oil per day; gas that is used all over the world.
There is a lot of unrest in Egypt, that is affecting it. Crude oil prices are around $100 a barrel. -Fran Mayko, AAA Southern New England