National gasoline prices have reached an average of $3.14 per gallon this week, which puts us at the highest rate seen since October of 2008. While gas prices vary by region, they are up everywhere.
The main culprit remains the fact that the global economy is running full speed once again, but oil production is falling behind demand. The recent turmoil in the Middle East and some short-term logistics issues are also playing their parts.
There are reports out that there is a 35% chance of gas prices exceeding $3.50 per gallon this summer, and a 10% chance that they will exceed $4 per gallon. Given the regional fluctuation in prices however, that means that some West Coast states could see prices as high as $4.25
– By: Stephen Calogera
Source: Kicking Tires