Project Gas Prices to Reach Seasonal Highest Since 2008

The recent spike in crude oil prices has caused gasoline prices to, once again, increase and analysts expect prices to reach the highest level for this time period since 2008.  According to the Energy Information Administration, current gas prices stand at around $3.686 a gallon, with an increase of 1.2 cents from the previous week.

 As things stand right now, you’re looking at probably somewhere around a 5- to 10-cent jump,” Sean Hill, petroleum economist with the Energy Department, estimates.

While many cite the deterioration of condition in Iraq for the price gain, others argue that prices are simply following seasonal trends. One way or another, consumers will find themselves looking for transportation alternatives in attempts to keep some cash in their wallets.

 

Read more here- “Gasoline at U.S. Pump Set to Hit Sex-Year Seasonal High,” (Lyn Doan and Moming Zhou, Bloomberg)

Website | + posts

Olivia is a graduate of Villanova University where she studied Economics and History, minoring in Gender and Women's Studies. She also has experience working with federal legislatures on health care policy, women's issues, and Internet safety.

Share

Facebook
Twitter
LinkedIn
Email

Subscribe to get the latest consumer news

More consumer News