If you’ve filled up your gas tank you know that you’re feeling a little more pain at the pump lately. And that pain won’t be going away for a while.
“What’s going on in Egypt, the uncertainty there about who is going to lead the country and the uncertainty about the security about the Suez Canal is what has financial analysts concerned,” Laskoski said. “The Suez Canal accommodates three million barrels a day of crude oil that has to reach Europe. It’s a major thoroughfare for oil commerce.”
And it could go up by another ten cents before it's all said and done. So how long will the spike last?
Analyst Barbara Shook told our television partner Local 2 that, “the forecasts that I have seen say the spike will be over by the first of September.”
So what do you do between now and then? Shook says have a newer car will help.
“The new cars are much more fuel efficient than the ones we were driving four or five years ago. That makes a big difference,” Shook explained.
Laskoski says if you want to get the best prices, shop around using the Gas Buddy app on your phone because the difference between the lowest and highest priced gas could be about 60 cents.