(NEW YORK) — There seems to be no end in sight for motorists suffering at the pump.
On Monday, the Department of Energy reported that the average price of a gallon of regular gas currently stands at $3.87 — an increase of 4 cents from last week and 30 cents from a year ago.
And now, with spring already upon us, even higher prices are expected as the switch is made over from winter to summer gas.
“They’re about 20 cents higher and that’s not reflected at the pump yet because those deliveries haven’t taken place,” says Tom Kloza of the Oil Price Information Service, who predicts that motorists will be paying over $4 a gallon in most states by next month.
“That’s about where I think where we’re going to see prices in April and I also believe that’s probably where we’ll see prices peak: between $4, $4.10 or $4.15,” he adds.
Meanwhile, a separate forecast from GasBuddy.com calls for prices to peak at about that level in May.
Most analysts say unless there is a military conflict with Iran, gas prices may start coming down in the summer and fall.
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