Tighten those purse strings and skip those drives to the country — gas prices rose 17 cents per gallon this week and are likely to keep going up.
After the sharp increase in the price of crude oil, gas prices rose last week, with the national average price for a gallon of regular gas at $3.33, reports CNN. And those prices will continue to go up, say analysts.
The price marks the highest national average since October 2008. The highest price at the pump was $3.761 a gallon in Hawaii, and the lowest was in Wyoming at $3.032 a gallon.
According to Moody’s Analytics economist Chris Lafakis, gas prices could rise 37 cents per gallon in the coming weeks. He also estimates that for every $1 increase in the price of oil, retail gas prices typically rise 2.5 cents a gallon.
Get those bikes out!
Gas rises as oil prices spike [CNNMoney]