Gas prices nationwide may have peaked for the moment, but don't expect a big drop, one analyst says.
The national average gas price rose 32 days in a row, starting Jan. 20 ($3.26) to Feb. 21 ($3.73), but the price then dipped two days straight, says GasBuddy analyst Patrick DeHaan. He blogs, "This is certainly excellent news for all of you disillusioned motorists – but I would caution you not to get overly thrilled as prices may linger near these levels for some time."
In the Twin Cities, gas averaged $3.79 Monday, compared to $3.76 a week ago and $3.27 a month ago, according to Twin Cities Gas Prices.
In Minnesota, the statewide gas price average was $3.78 Monday, up a bit from $3.76 a week ago, and way up from $3.26 a month ago.
Nationwide, gas price averages are nearly 54 cents higher than nine weeks ago, according to the Lundberg Survey, CNN reported.
Crude oil prices are decreasing again, and wholesale prices, which marketers and retailers pay, are falling, Trilby Lundberg told CNN. The city with the highest average in the latest Lundberg survey was Los Angeles, at $4.29. The lowest average was in Billings, Mont., at $3.23.
Fox Business explains a bit more about why gas prices have risen so sharply in the last month (partly due to off-line refineries):