Gas Prices Rising $5 Gas in 2012

If you have been shocked by the price of gas rising in the last few weeks and even the past few days, you will continue to be shocked as the prices rise in the coming days and weeks.

Most gas stations are now over $4 and well over $4.10.

We could expect to pay $4.50 in the next few months and closer to and even above $5 by the end of the year.

What are the oil companies blaming this rise on? This time? Besides increasing their profits.. they are blaming, their cost of crude.

An increase of 16 cents a gallon since last week, according to the AAA Fuel Gauge Report.

Analysts said prices this high so early in the year could mean more pain at the pump in coming months as demand increases during the vacation driving season and stations switch over to more expensive summer blends to meet pollution-fighting regulations.

Perhaps the holiday weekend factors in, but I would not expect to pay under $4 for gas at the pump any time soon.

According to the LA Times:

California’s average stands at $3.956 a gallon, which is also a record for Feb. 17, breaking the old mark set last year by a whopping 45.3 cents a gallon.

Meanwhile, oil continued its ascent Friday, up 93 cents to its highest close of the year at $103.24 a barrel. Oil prices have risen 4.5% so far this year.

Another factor driving gasoline prices higher: U.S. refineries continue to set new records for exports of refined fuels because they can make more money selling products like diesel overseas.

During the week of Feb. 10, refineries exported a record average of 3.1 million barrels of refined fuels a day. That’s up 42.6% compared with the same week in 2011 and up 80.6% since 2010.