(July 11) Today's Top Headlines - Gas prices expected to sharply to rise - The Explorer: Today's Headlines

(July 11) Today's Top Headlines - Gas prices expected to sharply to rise

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Posted: Thursday, July 11, 2013 8:57 am | Updated: 8:59 am, Thu Jul 11, 2013.

According to an NBC News report, gasoline is expected to jump 10 to 20 cents per gallon in the next several days, as rising oil prices and peak driving season create a perfect storm for higher prices.

Industry experts say gasoline prices at the pump should follow the already higher prices in the spot wholesale market. The national average at the pump Wednesday was $3.50 per gallon for unleaded gasoline, up two cents from Tuesday's level, according to AAA's Fuel Gauge report.

Prices in the spot market, which are quickly passed on to the retail market, are 30 to 61 cents higher per gallon than they were June 28, according to Tom Kloza, chief oil analyst with GasBuddy. "Even if it were to stop where it is today, we're looking at a considerably sticker shock for people at the pump," Kloza said.

Retail gas prices were higher a month ago, at $3.63 per gallon but they had fallen and were at $3.47 per gallon last week, according to AAA.

Read more at www.nbcnews.com

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