Analyst: The Party At The Pump Is Over, Gas Prices Are On The Way Back Up
By Mike DeNardo
PHILADELPHIA (CBS) --- If you think gasoline prices are inching up again, industry analysts say you're right.
"No question about it. We're seeing that retail gasoline prices have bottomed," says senior petroleum analyst Gregg Leskoski at gasbuddy.com.
Leskoski says after three months of declines, gas prices are rising again.
"The average price in Philadelphia today, $2.25 a gallon. That's gone up 3 cents a gallon just in the last 24 hours," he says.
Leskoski says prices usually make a seasonal upturn at this time of year as refineries prepare to produce summer blend gasoline. He says crude oil prices are up as well.
The price rise will likely continue through late spring. "The increase will take us from now into May," says Leskoski. "May and June we'll probably see the highest prices."
But he predicts gas will remain below $3 a gallon for much of the year.
