Experts say the pain at the pump is only going to get worse. Our prices have jumped in the last month and many are saying we can expect $4.00 gas by May.
According to AAA's Fuel Gauge Report the current national average for a gallon of regular is $3.51. One month ago the average was $3.38 and one year ago the average was $3.12.
South Dakota's Current average is $3.40 for a gallon of regular that's up from $3.23 just a month ago. Other states in the area are following that same upward trend. Iowa's average for a gallon of regular is $3.44 up from $3.20 a month ago. Minnesota's average is $3.44 also up from $3.27 a month ago. Nebraska's average is $3.48 up from $3.28 a month ago.
Experts are saying gasoline prices could be hitting the $4.00 mark in the next few months. We haven't seen prices that high since last spring. The U.S. Energy Information Administration says gas prices are up .38 percent from a year ago.
Experts are saying the $4.00 mark will be touched or exceeded sometime this summer, probably by Memorial Day weekend. Some officials with the Oil Price Information Service are expecting an average price to peak at $4.05.
Experts are saying a lot of factors are coming together to cause this pain at the pump. They say tension in the Middle East will likely combine with higher seasonal demand with summer vacations, and a federally mandated switch from winter gas formulations to costlier ones for summer.
In Sioux Falls prices seem to continue to be all over the place so it's a good idea to shop around online to find the cheapest places in town to fill up the tank.
