Gas prices climb for 49 straight days, have they peaked?Posted: Updated:
PHOENIX -- Gas prices have gone up every day for the last 49 days and in some places, supreme unleaded is already more than $3 per gallon.
Gas prices going up
Gas prices climb for 49 straight days - Gas prices have gone up every day for the last 49 days and in some places, supreme unleaded is already more than $3 per gallon.
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Economists are saying the meteoric rise is unprecedented.
It was not too long ago -- late April -- that a gallon of regular unleaded was going for about $2.05. Now the national average has jumped to $2.67, according to AAA, an increase of 62 cents. One expert from the Oil Price Information Service said prices usually taper off after a jump of 20 to 40 cents or so.
The increase is attributed in part to the prices of crude oil trading higher. A barrel has been trading at more than $70 for the past week. With the struggling economy, this spike in gas prices has many drivers are concerned.
"It's pretty bad," one Valley driver told 3TV. "You need the ... gas. You can't do without it."
Here in Phoenix, the average is $2.68. The cheapest gas in the state is in Tucson -- $2.45. The most expensive, as usual, is in Flagstaff -- $2.72.
While the increase is significant, it's nothing like last summer.
"I think people have it fresh in their mind that they were paying $4.15 last year," said Fred Rozell, OPIS' retail director.
It was this time last year that gas prices peaked and then finally began to fall. That eventual drop came later than usual.
Experts are saying there are signs that prices could be leveling off soon.