National gas prices increased last week, alongside the recent hike in crude oil prices, but the rise may be temporary, based on past gas price trends. Gas prices have gone up 4 cents in the past week, and 7 cents in the past two weeks, creating concern for motorists. National gas prices have not gone up this quickly since the major gas price hike in 2008.
Reports are showing that the prices may go back down quickly after June, but nothing has been confirmed. The rise in prices may be “misleading” to Americans, considering this adjustment is made every summer, followed by a consumer reduction in spending causing prices to go back down, researchers for the Christian Science Monitor reported.
“The price of gasoline will fall possibly quite steeply—at least some of those price cuts will be passed through by retailers to motorists,” survey editor Trilby Lundberg told Reuters.
The price of crude oil has gone up more than $10 per barrel since February of this year. Some financial specialists are concerned that the debt surrounding the euro monetary system could reduce the global economic recovery extending the hike in gas prices, reported The Washington Post.
Energy analyst Phil Flynn said the Gulf Of Mexico oil spill could have an effect on global oil prices. The current increase is not related to the spill, he believes, but there is a chance that there could be a correlation in the future. At present, the increase in gas prices is right on time for the summer months in the United States. Historically the price of gas has always gone up in the summer, and peaked in June, reported Christian Science Monitor.