National Gas Prices to Hit Above $3 this Summer
NEW YORK - Experts expect gas prices to rise above $3 a gallon this summer, reported Yahoo! News.
While a gallon of regular unleaded is cheaper than a month ago, it's 73.1 cents more expensive than the same time last year, reported Yahoo.
Fred Rozell, retail pricing director at Oil Price Information Service, said the demand for crude oil in China is what is pushing fuel prices higher.
On Feb. 21, retail gas prices rose for the fifth straight day, adding less than a penny overnight to a new national average of $2.648 a gallon, according to AAA, Wright Express, and Oil Price Information Service, reported Yahoo.
However, Rozell said the $4 price spikes of 2008 are unlikely, estimating a high of $3.25, Yahoo reported.