More pain at the pump may be ahead
Report says top forecaster expects gas prices to rise another 20 cents a gallon by December.
LONDON (CNNMoney.com) -- A top U.S. forecaster expects gas prices to jump another 20 cents a gallon by December, according to a report in The Wall Street Journal.
Guy Caruso, head of the Energy Information Administration, said gas prices will keep climbing even if crude prices don't because oil refiners haven't passed the recent rise in crude prices on to gas consumers, according to the newspaper.
Crude prices, which have been approaching the $100 a barrel mark, have eased recently. But analysts expect a weak dollar, the approach of winter and strong demand to keep prices afloat.
At the pump, gas prices rose slightly overnight to a national average of $3.105 a gallon for regular unleaded gasoline, according to AAA. Last year at this time, it was $2.22 a gallon.
Drivers in California are feeling the most pain at the pump with the highest gas prices in the nation at $3.385 a gallon, while prices in New Jersey were the least expensive at $2.905 a gallon.
In electronic trading, crude for December delivery fell 95 cents to $93.67 on the New York Mercantile Exchange. Prices dipped Tuesday after a key OPEC member talked of a possible increase in oil production to offset rising prices.