The way prices have been increasing over the past few weeks we wouldnt be surprised to see prices approach near $4 a gallon here in Maryland, said Christine Delise, AAA.
Drivers certainly are not happy about it, and many can recall a time when prices were considerably cheaper. I remember when I went to college it was 95 cents a gallon, a man said.
United States oil production is at its highest point in years, but experts note that there are simply not enough producing refineries. That, mixed with growing demand for oil from China make up the bulk of factors which cause the prices to rise at home.
The price spike were seeing at the pump is a result of crude prices that are trading around the $95-to-$97 barrel range. Thats about 10% a barrel more than mid-December, Delise said.
Many people admit that the recent rise, and consideration of future rises is a wakeup call. The more expensive gas is the more interested people are in finding a way to not use as much, a man said.
The average American household is likely to spend nearly $3,000 on gasoline this year. That is considered nearly 4% of their income.
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