Drivers may see some relief at the pump, expert says
LOS ANGELES - Drivers may finally see some relief at the gas pump after weeks of price increases, according to an industry expert.
Currently, the average price for a gallon of gasoline in the U.S. is about $3.36, an increase of about 3.8 cents from a week ago, according to GasBuddy, which compiled data from price reports covering over 150,000 gas stations across the country.
Prices are up an average of 17.1 cents compared to a month ago and $1.21 per gallon higher than a year ago, according to the data.
"Gas prices continued to soar in a majority of the nation over the last week as oil’s meteoric rise pulls gasoline and other refined product prices higher," Patrick De Haan, head of petroleum analysis for GasBuddy said.
However, De Haan noted, "there may be some light at the end of the tunnel" as long as there isn't another jump in the price of oil.
"This is because gasoline prices have now largely caught up to the jump in oil that started nearly a month ago," he said.
However, there still is a level of uncertainty, "as oil prices could rise again at any time," De Haan added.
For now, "oil has held around $83 per barrel, and without a further climb, gas price increases should slow down soon in the bulk of the nation."
U.S. West Texas Intermediate crude oil jumped $1.33 to $85.09 a barrel on Monday, a seven-year high.