Gas prices expected to climb until May - Toledo News Now, News, Weather, Sports, Toledo, OH

Gas prices expected to climb until May

TYLER, TX (KLTV) -

If you're holding out on filling up your gas tank until prices go down, you may be waiting a while.

Gas prices have risen more than 30 cents in the last month and are expected to keep on climbing.

Forfeiting a decent percentage of your paycheck for gasoline isn't fun for anybody.

"It's like a root canal every time you pull in, and it seems just as expensive. It's awful," says Mitch Evans, a Tylerite who was filling up on Monday.

The statewide average for regular unleaded fuel is $3.43. The East Texas average is well above that, but still below the national average of $3.71.

When you see it on paper, it may look like bad news. But the truth is, the increase in prices does indicate a few things that are good.

"The good things driving it are... the global economy appears to be reasonably strong, the U.S. economy is kind of holding its own right now and the housing market is recovering," says UT Tyler's Dean of the College of Business and Technology Harold Doty, Ph.D.

That combination of things is boosting demand as well as refinery maintenance across the country and changes to the seasonal the gasoline they produce.

"While they shift from the winter blend to the summer blend, they have to curtail producing gas. So, we have a reduction in the actual supply of gasoline and our reserves go down and that forces prices up while they're in the transition process," Doty says.

Relief isn't expected as soon as that transition is over, Doty says.

"I'll just give you the bad news now. For the next 60-90 days, my expectations are that gasoline prices will continue to go up," he says.

Doty adds, the pace of the increase will hopefully slow down soon, but until then he recommends filling up fast and keeping in mind that local prices aren't as high as they were this time last year.

To view a slideshow of gas prices from all around East Texas, click here.

Contribute to the slideshow by sending your gas price pictures with price and location to news@kltv.com.

Copyright 2013 KLTV. All rights reserved.

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