Budgeting for Rising Gas Prices - WJBF-TV ABC 6 Augusta-Aiken News, Weather, Sports

Budgeting for Rising Gas Prices

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Banking on the day when gas prices go down?

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.

Some experts say you'll need to adjust your budget long-term to accommodate the higher prices at the pump.

Elizabeth Corridan explains in today's consumer alert.

It's not your imagination.

If it seems like every time you drive by your local gas station the price has increased....it probably has.

The average price of a gallon of self-serve regular is up about 14 cents in just the past week to $3.67.

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.

Two things, geopolitical tensions in the Middle East where much of the U-s's crude oil comes from, as well as a decline in crude oil supply.

The averages in at least three states have already surpassed the 4-dollar threshold but some drivers are paying much more than that.

I just paid $5.95 for premium and I think that's absolutely abominable

If you're holding out hope that the lower prices of years past will make a comeback...the federal relations director of triple-a dished out a cold dose of reality this week on Capitol Hill.

"The days of a national pump price below $3 is probably a thing of the past."

Get ready to adjust your household budget.

 

Gasbuddy.com expects the national average will raise another 30-cents by August.

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