US gas prices may climb back up in mid-February

Valentine’s Day may not bring a whole lot of love to those headed to the fuel pumps. Gas prices may start rising by the middle of February as oil companies switch over to the so-called “summer blend” of gas, Willits News says, citing an analyst for GasBuddy.com. That blend is better for the environment, but is also more expensive to produce.

San Francisco’s ABC news affiliate, citing a Lundberg poll, also said wholesale fuel prices may spike within a couple of weeks. That city is particularly concerned because, even though the rest of the US is enjoying cheaper gas, San Francisco’s fuel has the highest gas prices in the continental US.

That said, predicting gas prices can be like predicting the weather, says the Christian Science Monitor. Obviously, simple supply and demand come into play, and demand has been down because of more fuel-efficient US cars and lower demand from Asia, while North American crude supply is up.

US gas prices have held steady at about $2.04 a gallon for the past week, though are down about 25 cents from a month ago, according to AAA. Gas prices, which are at a five-year low, averaged $3.28 a gallon a year ago.

As read on: http://www.autoblog.com/2015/01/30/us-gas-prices-may-climb-back-up-in-mid-february/?ncid=edlinkusauto00000016

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