Watch CBS News

Hold On To Your Wallets: Price Of Gas Approaches $4 A Gallon

BALTIMORE (WJZ) -- Hold on to your wallets. Gas prices make the biggest February jump in decades.

Adam May explains why.

At the rate we're going experts say $4 a gallon is just around the corner.

2013 is on track to be one of the most expensive years to fill 'er up. Gas prices in Maryland are up 16 cents in just one month. Nationally, they are up 17 cents. AAA says it's just the beginning.

"The way prices have been increasing over the past few weeks we wouldn't be surprised to see prices approach near $4 a gallon here in Maryland," said Christine Delise, AAA.

Drivers aren't happy.

"I remember when I went to college it was 95 cents a gallon," a man said.

Although U.S. oil production is the highest in years, experts say there's not enough working refineries and growing demand for oil in China are huge factors.

"The price spike we're seeing at the pump is a result of crude prices that are trading around the $95-to-$97 barrel range. That's about 10 percent a barrel more than mid-December," Delise said.

Many drivers say it's a wake-up call.

"The more expensive gas is the more interested people are in finding a way to not use as much," a man said.

The average American household is on track to spend almost $3,000 on gasoline this year--that's almost 4 percent of their income.

Another example of growing demand: The number of cars in China has tripled in just the last four years.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.