Experts say gas prices are going to go up next

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Budget-conscious motorists may want to fill up sooner rather than later, as prices at the pump are likely headed higher in the near term.
Prices have been edging higher, with motorists on average paying six cents more per gallon than a week ago and 23 cents more this time last month.
The cost of gas proved to be a large factor in the surprise jump in inflation last month — a trend that is likely to persist in April, experts told CBS MoneyWatch.
Gas prices increased 1.7% from February to March, the government data released on Wednesday showed.
Why are gas prices rising?
Underlying the higher costs of gas are routine factors including refinery maintenance, the switch to summer gasoline and rising demand.
Gas prices are averaging $5.41 a gallon in California and topped four bucks a gallon in half a dozen states, including Alaska, Hawaii, Illinois, Nevada, Oregon and Washington, according to AAA.
The least expensive gas can be found in Arkansas, Colorado, Mississippi, where a gallon is averaging under $3.20.

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In the near future, gas prices are probably going to rise, so drivers on a tight budget might want to fill up as soon as possible.

The national average for unleaded gasoline has increased to $3.163, according to AAA, due to the impending peak driving season and refineries’ yearly switch to more expensive summer gasolines.

Drivers are paying, on average, six cents more per gallon than they did a week ago and 23 cents more this time last month due to price increases. AAA data indicates that the price of gas is comparable to the point at which drivers and their wallets stood a year ago, when a gallon of unleaded was $3.161.

The unexpected increase in inflation last month was largely caused by the price of gas, and experts told CBS MoneyWatch that this trend is likely to continue in April. The majority of the March increase in the consumer price index, which increased 3.5 percent from a year ago, was driven by the cost of maintaining a roof over one’s head and a car. According to government statistics released on Wednesday, gas prices rose by 1.7 percent in February and March.

Why are the costs of gas growing?

Refinery maintenance, the transition to summer fuel, and growing demand are among the regular factors that contribute to the increased cost of gas. Geopolitical variables have also been added, such as the conflict between Russia and Ukraine and Israel and Hamas in the Gaza Strip, which has caused the price of oil to reach six-month highs.

You. S. The world commodities market is being alerted by reports that Iran is getting ready to retaliate for the Israeli attack on its consulate in Syria early this week.

Citing the risk to international energy markets, Defense Secretary Lloyd Austin has urged Ukraine to refrain from additional attacks on Russian oil refineries, the Biden administration official informed Congress on Wednesday.

“With the mid-Atlantic and Northeast states wrapping up the switch to summer gasoline, gas prices are likely to continue to rise on the West Coast and will likely join them in a week or so,” GasBuddy wrote in a blog post on Monday.

According to AAA, the average price of gas in California is $5.41, while in six other states—Alaska, Hawaii, Illinois, Nevada, Oregon, and Washington—it has surpassed $4 per gallon. The states with the lowest average gas prices are Mississippi, Colorado, and Arkansas, where a gallon costs less than $3.20.

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