(NEW YORK) — Pain at the pump is back. The national average retail price of regular gasoline surged nearly 14 cents a gallon to $3.64 a gallon, and the Energy Information Administration says average prices are at their highest since May.
The rise was the biggest one-week increase in prices since the week ended May 11, 2009. The steep jump might have been the result of a series of refinery and pipeline issues that affected the gasoline market last week, particularly in the Midwest, said Brian Milne, refined fuels editor at Telvent DTN. Midwest prices saw the biggest increase, rising 25.7 cents to $3.772 a gallon, their highest since April 23.
Oil analyst Tom Kloza opines gas prices will probably come down next month. “There’s a big difference between the kind of gas we use in the summer and other seasons and that accentuates the highs and accentuates the lows,” Kloza claims.
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Parija Kavilanz, CNN
Paul R. La Monica, CNN
Nate Eaton, EastIdahoNews.com