Phil Flynn, an energy analyst with Price Futures Group, will join WTOP at 7:50 a.m. Tuesday to discuss the skyrocketing gas prices. Listen live to WTOP.
Hank Silverberg, wtop.com
WASHINGTON – Gas prices in the D.C. metro region spiked 14 cents in the last week up to $3.75 a gallon and 4 cents higher than the national average of $3.71.
The American Automobile Association says that’s also 12 cents higher than this time last year. The auto club predicts prices could again be near $4 a gallon by April or May but may not beat the April high of $3.94 in 2012.
AAA says the international price of crude oil has had the biggest impact on gas prices with the price of a barrel of crude ranging from $95.00 to $97.00 this past week.
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“Prices at the pump continue to rise, although the double-digit weekly increases have eased a bit,” said John B. Townsend, manager of public and government affairs for AAA Mid-Atlantic.
“Since mid-January, the price of fuel has been propelled higher by more expensive crude oil, but more notably by regional refinery issues and the approaching switchover to summer-blend gasoline.”
As temporary production concerns are addressed, AAA expects price increases to slow. Based on this expectation, the national average is likely to increase through April, however, it is expected that it will peak this spring at a lower price than in 2011 ($3.98 on May 5) and 2012 ($3.94 on April 5 and 6), according to AAA.
Here’s what some people are telling WTOP on Twitter they’re doing to combat rising fuel costs.
— Vern (@vernsviews) February 19, 2013
@wtop I got a passat tdi!
— jellomania (@jellomania) February 19, 2013
— MichaelJHill (@MichaelJHill) February 19, 2013