Paying A Lot At The Pump? Here's Why - News and Weather For The Quad Cities -

Paying A Lot At The Pump? Here's Why

Updated: Feb 5, 2013 08:36 AM CST
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For the past several months we've enjoyed steady gas prices but that's dramatically changing.

Gas prices across the country have spiked recently, in the Quad City area we're seeing a 30 to 40 cent jump just in the past few weeks.

One month ago drivers on the Iowa side of the quad cities were paying just over $3.00 for a gallon of regular gas. Now, you'll see prices well over $3.30.

According to AAA, drivers in the Midwest are seeing gas price increases between .30-.40 cents a gallon over the past month.

So the question is: what are the oil companies telling us is the reason for it this time? Drivers across the Midwest have paid the price for an explosion and fire that partially shut down a refinery near Toledo.

However, it's more than just that.

CNBC analysts say the spring rally in gas prices has come early this year. Typically the spring rally starts in late February or early March, so this year's gains have come earlier than usual.

Americans are feeling the pinch. The average American household spent $2,912 on gas in 2012. That's just under 4% of their income before taxes.... with the exception of 2008, that was the highest in nearly 30-years!

So, could we pay even more in 2013? Gas prices are already at their highest ever for early February.

Gasbuddy.com Senior Analyst Patrick DeHann has some positive news.

"I think this is just a temporary blip that we see in prices. 2013, at least in my book, still expected to be lower, at least for a yearly average, than what we saw in 2012," said Dehann.

A tip to avoid paying more at the pump: Fill up at the beginning of the week on Mondays and Tuesdays.

According to Gasbuddy.com: Thursday and Friday are when prices are more likely to rise, perhaps as a result of the Department of Energy report that is usually released Wednesday morning.

 

 

 

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