Analysts: Gas Prices Will Continue To Rise
MINNEAPOLIS (WCCO) – Gas prices have been continuing to rise at the pumps, and analysts believe they are only going to go higher.
Currently, the national average for a gallon of gas is $3.43.
In Minnesota, the average is 3 cents higher at $3.46.
That’s up 24 cents from January.
Gas prices usually go up this time of year, but analysts believe they will continue to rise.
One reason for the rise is the recent spike in oil.
Another is that many refineries are partially shut down right now for maintenance to get ready for the busy summer months.
“Between now and April we’re likely to tack on another 40 cents a gallon, in some areas it could be 30 in other areas it could be 50,” said Gasbuddy.com analyst, Patrick DeHaan.
When Americans are forced to pay more for gas, they have less to spend on everything else, and that can hurt the national economy.
Some economists said even a one cent increase in gas prices could take about a billion dollars away from other businesses.