Gas Prices Will Increase in August, Experts Say
Experts say they expect gas prices to jump by at least 25 cents per gallon in August.
Prices for gasoline and oil have been increasing sharply throughout July. Gas futures rose by more than 10 percent in the last two weeks after they reached $3.01 per gallon. And while retail gas has "barely moved," Chief Oil Analyst Tom Kloza reportedly said he expected gas prices to jump by as much as 30 cents per gallon next month.
The national average price for regular unleaded gasoline was $3.52 Thursday. This was 1.7 cents more than the prices had been just the day before, according to reports.
Oil trader Dan Dicker said geopolitical "fear factor" over unrest in oil-producing countries such as Egypt and Syria was driving the energy markets. He also said investors were now turning to oil after the decline in gold prices, according to sources.
"Crude oil has become the new god," he reportedly said.