Gas Prices Climb a Quarter in Under Two Weeks
A combination of high crude prices, refinery shutdowns, and early speculation has sent gas prices soaring to seasonal highs earlier than usual this year and with no signs of prices at the pump falling until spring, according to recent estimates.
Gas prices have climbed every day for the past 25 days, reaching a national average of $3.59 per gallon Monday, the most expensive national average ever for Feb. 11, according to AAA.
During just the past two weeks, average prices have climbed almost 25 cents, the biggest jump in gas prices in almost a year.
Gas prices in New York are the third highest in the nation, topping $3.90 per gallon. Only residents of California and Hawaii pay more.
"These kind of increases we typically see in March, April and May, but they're occurring earlier this year," said chief analyst for the Oil Information Service Tom Kloza. "They're occurring earlier because financial traders are anticipating what's going to occur. There's a lot money and investment money going in that's pushed crude oil prices higher and gasoline prices higher. That's pushed wholesale and retail prices to the highest we've ever seen for this time of year."