The average price for regular gasoline is fast approaching $3 a gallon, but it may take another week or two before prices at the pump get over that hump. So you might want to take the opportunity to fill up.
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On the positive side, a new Energy Department report released this morning shows, somewhat surprisingly, that the nation's inventory of gasoline actually grew by 2.1 million barrels last week. This marked the first increase in U.S. stockpiles of gas in more than two months.
But gasoline inventories are still 5 percent below their level at this time last year. And the average price of a gallon of gas still rose last week, despite the relatively good news concerning supplies.
In fact, the national average for regular gas ticked up to $2.92 a gallon, up from $2.91 in the previous week. This means that prices at the pump have soared 33 percent since the start of the year, when regular gasoline was less than $2.20 a gallon.
On the West Coast, a gallon of gas is now $3.13 a gallon, according to the Energy Department. In terms of price increases, the East Coast, Gulf Coast, and mid-Atlantic regions have been the hardest hit. Gasoline prices in all three regions have jumped more than 70 cents a gallon in the past 12 months.
At the end of the day, gasoline will be influenced by crude oil prices, and they're expected to climb 14 percent this year versus 2005. So don't expect prices to fall dramatically anytime soon, especially with the summer driving season coming up.
Even U.S. Energy Secretary Samuel Bodman indicated recently that gas prices could remain high for two to three more years – at least until suppliers can begin to meet the growing global demands for fuel.
