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Gas Prices On The Upswing Despite No Increase In Demand

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Gas Pump (file / credit: David Paul Morris/Getty Images)

Gas Pump (file / credit: David Paul Morris/Getty Images)

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HARTFORD, CT (CBSNewYork) - It looks like the dip in gasoline prices is behind us, according to oil analyst Peter Beutel.

WCBS 880 Connecticut Bureau Chief Fran Schneidau On The Story

He says it’s unusual for this time of year, since winter is far from over.

But he says among the factors pushing prices up are a weak dollar, uncertainty in the Middle East, and the closing of some refineries.

Beutel says usually the number one factor in spiking prices – demand – is not in play here.

“Right now, over the last four weeks, gasoline demand is down 7.4 percent,” he told WCBS 880 Connecticut Bureau Chief Fran Schneidau.

He predicts gas prices will continue to climb and he would not be surprised to see prices for regular at $4.50, especially in Fairfield County.

“The big question is whether we’ll see a high price in March or whether we’ll see it in May,” said Beutel. “Whatever the high price is, it looks like the lows are behind us.”

Are you driving less because of gas prices? Sound off in the comments section below!

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