Gasoline price spike has only just begun
The national average retail price for gas has risen about 30 cents in the past month to $3.279 a gallon, exceeding the all-time high set last year, according to the motorist organization AAA.
And experts say motorists should prepare to pay nearly $4 a gallon - and in some places even more than that - before the price of gas finally comes down in the late spring as high prices crimp demand.
The price of gasoline usually increases this time of year. Several factors contribute to the runup: Low refinery output due to maintenance, a switch from winter to pricier summer blends, and the looming high-demand summer driving season.
Experts say this time around the spike will be more pronounced, mostly due to the surging price of oil and, to a lesser extent, refiner's attempts to grow their profit margins.
"It's all crude," said Tom Kloza, chief oil analyst at Oil Price Information Service. "The crude market is morbidly obese."
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