Experts expect higher prices at the pump by April - NBC12 - WWBT - Richmond, VA News On Your Side

Experts expect higher prices at the pump by April

By Melissa Correa - bio | email
Posted by Terry Alexander - email

RICHMOND, VA (WWBT) – Right now the national average for a gallon of gas in Richmond is about $2.96.  But NBC12 found some locations are selling gas for $2.88 a gallon. Some national analysts say $2.88 a gallon will be a steal in four months. They're predicting gas to rise to $3.75 by April.

Dexter Brown is bracing for the financial damage as he slides his card into a gas pump in Richmond. 

"Well it looks like they're going to get me for $2.98 today," said Brown. (And you're paying it? How many gallons are you going to buy?) "Well I've got to fill up so I guess that's about 16 gallons."

National analysts say if you have sticker shock now, wait four months and your feelings will change. Michael O'Connor monitors gas prices for a living. He says prices at the pump used to be based on supply and demand.

"Now we're usually talking about these issues of higher prices in the summer time, now we're talking about them in the winter," explained O'Connor. "And that's almost directly related to the cost of crude oil that's gone from about $60 to almost $90 in the past five months."

"Everyday in the newspaper, in the business section, there's a price of crude oil and if you see that price going up that means the price at the pump is going to go up," said O'Connor.

Dexter Brown is now considering alternative transportation. "I'll tell you what, we think about buying hybrid all the time."

Mike O'Connor suggests taking advantage of savings programs offered by grocery and corner stores.

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