The US Energy Department says average prices for regular unleaded jumped 15 cents a gallon in the past week. That’s 21 cents more than this time last year.
The price spike has been caused by a significant decline in crude oil inventory “as well as the situation in Egypt that is likely stoking tensions and fears of supply disruption from that region,” says Patrick DeHaan, senior petroleum analyst for Gasbuddy.com.
Crude oil prices have increased about 10 percent in the past month, and gas costs “still have some more catching up to do,” he says. But the trend may be temporary. “I do expect prices will calm down,” DeHaan tells ABC News Radio.
