Gas Prices Are Going Back Up Again, And It Won't Get Better Anytime Soon

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Illustration: Angelica Alzona (Shutterstock)

Good morning, and Happy Tuesday! How’s everyone doin’? I’ve been out and about traveling over the past week. It was pretty sweet, but I’m back now. So, you gotta deal with that.

Anyway, gas prices. Well, for the first time in a long time, I wish I had better news. It seems things are going in the right direction again. According to AAA’s gas price tracker, the average price of a gallon of gas now sits at $4.10. That’s up a penny from yesterday’s average. Still, it’s better than where we used to be. We’re now down about 23 cents from just a month ago.

However, you shouldn’t expect this dip in prices to last forever. Fox News reports that we’ve got a storm coming, and prices may get back right around to where they were at the height of these price surges.

Following a brief dip, gas prices are projected to surge once again, with the national average potentially reaching $4.20 a gallon, according to an industry expert.

Over the past week, gasoline futures rose 30 cents “which is just bad news for the consumer,” according to Andy Lipow, president of Lipow Oil Associates.

…

Lipow projects the national average will climb back to between $4.15 and $4.20 per gallon even with some states suspending gas taxes.

Georgia, Maryland and Connecticut have suspended their state excise taxes on gasoline which would have lowered the national average, however, Lipow told FOX Business that “the news stories of last week caused a significant price rally that offsets some of those tax savings.”

…

“How does the world come up with nearly 5 million barrels per day of alternate supplies if the European Union were to ban all Russian oil imports? Lipow said. “It simply can’t do it today.”

So, uh, I guess enjoy this relative break we’re getting right now. This may be as good as it gets for a while.

Image for article titled Gas Prices Are Going Back Up Again, And It Won't Get Better Anytime Soon

Photo: AAA

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With that, let’s check out today’s gas price winners and losers.

Here is the highest average gas prices in the country in order of highest price for a gallon regular:

Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:

Enjoy these prices while they last, I guess. See everyone tomorrow.