Up 32 cents here in the last four weeks, a dime just last weekend. This is not a blip, it's on the way back up. Anybody else but me want to predict four bucks a gallon by the end of the third quarter?
Part of the jump has been the expected seasonal jump in price caused by the change over from winter to summer blend gasolines.
The price of crude oil is still the primary driver for the cost of gasoline and other distillates, and the price of crude isn't going up all that quickly right now.
We're still experiencing a significant oversupply of crude (US stores are at or near record levels).
Unrest in Yemen is playing on the price of crude, and the Saudis appear to be winning somewhat in their game of brinksmanship with the shale producers in the US and Canada.
Another factor driving prices right now are speculators who are anticipating the biggest driving season in nearly a decade in the US, which means burning a LOT more gasoline.
Then there's the fact that hedge funds and speculators took an absolute reaming over the past year, and now they're trying to get back into the markets low to hopefully recoup some of their losses.