(WHAS11) -- If you're banking on the day when gas prices retreat, you may want to come up with a different financial strategy. Higher gas prices are not just a seasonal trend, they could be here to stay. Good Morning Kentuckiana's Andy Treinen explains in today's Consumer Watch.
If it seems like every time you drive by your local gas station the price has increased, it probably has.
Now, some experts say you'll need to adjust your budget long-term to accommodate higher prices at the pump.
The average price of a gallon of self-serve regular is up about 14 cents in just the past week to $3.67 and it's not just the summer driving season that's revving up the price at the pump. There are major contributing factors from both overseas and closer to home. Political tensions in the Middle East where much of the U.S. crude oil comes from is part of the problem. The decline in crude oil supply is the other.
The averages in at least three states have already surpassed the $4 threshold but some drivers are paying much more than that. In California, the price of premium fuel is $5.95.
If you're holding out hope that the lower prices of years past will make a comeback, the federal relations director of AAA dished out a cold dose of reality this week on Capitol Hill. Experts think the days of sub $3 gas per gallon are days gone by. Here's why some of the experts are advising us to adjust our household budgets. Gasbuddy.com expects the national average will rise another 30 cents by August.
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