Gas Prices Jump In Texoma To $3.30 - KTEN.com - No One Gets You Closer

Gas Prices Jump In Texoma To $3.30

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DENISON, TX -- People in Texoma are now paying more to fill up their tanks, after a jump in gas prices, and experts say several factors are causing fuel to become more expensive once again.

We found prices ranging from $3.29 to $3.40 in Grayson and Bryan Counties on Tuesday, up from around $3.00 in December.

According to AAA, gas prices have jumped 18 cents in a week, to about $3.53 -- and almost $4.00 a gallon in places like Illinois, Vermont, New York and California.

Several refineries are down for maintenance, there's a supply shortage in California, oil prices are rising, and there are economic factors.

"There's often a run-up in gasoline prices in February and March as refineries transition from making the winter grade to the summer grade of gasoline," says CNBC reporter Sharon Epperson. "The summer blend is often more expensive, and more costly to make, and that means more cost at the gas pump."

While gas prices may go higher in the coming weeks, expect them to move lower in the coming months.

"Looking at the entire year now, I believe that 2013 will probably finish with lower prices than the entire year of 2012 when we look at a yearly average. But for now, it's going to be pain at the pump," says GasBuddy.com analyst Patrick DeHaan.

The average American household spent nearly $3,000 on gas last year, or just under 4% of their income before taxes. Except for the year 2008, that was the highest in nearly 30 years.