Pain At The Pump: Experts Expect Gas Prices To Keep Rising
Get Breaking News First
By Mike Dougherty
TRENTON, N.J. (CBS) – Many motorists are seeing sticker shock at the gas pump again.
We’ve been pretty fortunate this summer as gas prices have remained somewhat steady and lower than the past couple of years, but they spiked in the blink of an eye.
Michael Green, with AAA, says this is due in part to unrest in the Middle East.
“Gas prices are up about eight cents a gallon in the past week, but the big news is that the national average jumped three cents overnight. This is the largest one day spike in nearly five months,” Green explains.
In New Jersey, motorists are paying on average $3.42 for a gallon of regular, up seven cents from last week.
Crude oil is currently going for $106 a barrel and many experts expect gas prices to keep rising, perhaps 10 to 15 cents per gallon in the next few weeks.