Fuel Prices To Climb Above $2/Gal Beginning Mid-February

Enjoying sub-$2/gallon prices at the pump? Those fuel prices will make their slow climb back up above $2 beginning later this month.

GasBuddy says that while oil prices have fallen, the wholesale prices for refined products, such as gasoline, are on the rise. Underutilization of capacity at the refinery is leading to a surplus of oil, which means less gasoline et al to distribute.

Another contributing factor to the increase in price at the pump is the annual changeover to summer-blend gasoline, whose cleanliness comes at a higher cost. Consumer demand and refinery maintenance will help push up pricing, as well.

The increase is expected to crest between April and May, likely to remain above $2/gallon for some time to come. The current average is holding at $2.04/gallon, per AAA.

The post Fuel Prices To Climb Above $2/Gal Beginning Mid-February appeared first on The Truth About Cars.

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