Monday, July 2 2012 3:32 PM EDT2012-07-02 19:32:03 GMT
What determines the cost of a gallon of gas? One part of the price may surprise you. It may add up to sixty cents per gallon to what you pay at the pump.More >
What determines the cost of a gallon of gas? One part of the price may surprise you. It may add up to 60 cents per gallon to what you pay at the pump.More >
GREENVILLE, SC (FOX Carolina) -
Gas prices went up again in Greenville and across the nation, but experts say they are likely to peak soon.
Greenville gas prices jumped again over the past week, going up 5 cents per gallon on average. The increase brings the average price to $3.45 per gallon, more than 31 cents per gallon higher than the same day a year ago, according to the gas pricing website GasBuddy.com.
The national average increased more than 2 cents in the last week to $3.65 per gallon, 13 cents higher than a month ago and 16 cents higher than a year ago.
"While the national average has risen for the 12th straight week, it is likely nearing a peak," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.
"Gas price increases have continued since early February but are likely nearing an end as oil refineries conclude seasonal maintenance, and the switchover to summer gasoline is nearing completion. Meanwhile, oil inventories are at their highest ever level as reported by the Energy Information Administration, which cited crude oil stocks at a record high of 397.7 million barrels, which should help propel oil prices lower in coming weeks as some storage facilities near capacity. For motorists, the peak to retail gasoline prices is likely very near, with some relief to follow in coming weeks as pressure eases on factors that drive gasoline prices, " DeHaan said.
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