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Oil Industry Analyst: Worst Of Rising Gas Prices May Be Behind Us

High Gas Prices  (Credit, Randy Yagi)

High Gas Prices (Credit, Randy Yagi)

NEW YORK (CBSNewYork) — In just the past month gas prices in the Tri-State area have surged 17 to 18 cents per gallon, according to AAA.

As WCBS 880’s Jim Smith reported, gas is nearly 25 cents higher than it was this time last year.

Fortunately, oil industry analyst Tom Kloza said the worst may be behind us.

“Any drivers that are there thinking ‘oh my goodness this is the beginning of 2008 again,’ when we’re going to see $4.25 and $4.50 and $5.00. That’s not going to be the case,” Kloza said.

He said prices might actually be cheaper on Memorial Day.

“More likely is that you’ll see prices moderate in the next six weeks or so.”

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