Gallon of gas close to topping $4 - will it go higher? - KCTV5

Gallon of gas close to topping $4 - will it go higher?

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LENEXA, KS (KCTV) -

Kansas Citians should be glad they are not a commuter in California on Monday morning.

Gas prices there are close to topping $5 a gallon. And although it is not as bad in Kansas City, the pain at the pump is still being felt in the metro.

In fact, gas prices have never been higher at this time of year, and the bigger the bite they take from driver's wallet could mean a tighter stretch on a struggling economic recovery.

The average gas price in the nation is just three cents away from being $4 a gallon.

Gas prices have risen for the past three weeks in a row. The average price in Missouri is $3.34 a gallon while it is $3.45 a gallon in Kansas.

A gas station in Lenexa is one of the highest found in the Kansas City area at $3.47 per gallon.

In Kansas City, KS, prices were posted as high as $3.45 at a BP near North Seventh Street and Central Avenue.

And in Kansas City, MO, prices were as low as $3.37 at a Phillips near West 12th and Wyoming streets.

Prices are only expected to go up before Memorial Day weekend. Saber rattling by Iran about cutting off oil supplies to western countries is helping fuel the increase.

Economists say in the past month, drivers have experienced a nearly 1 percent increase at the pump.

History could repeat itself. Experts say when prices peaked last year, economic growth slowed, which led to a struggling job market.

The good news: experts say higher gas prices won't necessarily mean more expensive gas for consumers. The cost of raw materials are not expected to go up that dramatically.

If prices do top $4 a gallon by the start of summer, the prices are likely to taper off during the summer months, economists say.

"People will have a spike on demand out of fear of what's happening in the international markets," said economist Michael Tansey. "That can cause those short-term price increases."

The cheapest gas found was at the Flying J near North Corrington Avenue and East Front street in Kansas City, MO, at $3.37.

So when is the best time to buy gas to get the lowest price? Experts say fill up your vehicle on  Wednesdays.

Filling up in the middle of the week saves drivers money, experts say.

Gas prices are the highest on weekends when the most people are out on the road.

Workers who depend on vehicles for work say they are doing what they can to conserve costs. Small business owners are counting every penny.

"I'll probably have to sell my truck," said Hector Gallardo. "I mean my truck is a V8 so I probably have to sell that and keep the Civic."

Copyright 2012 KCTV (Meredith Corp.)  All rights reserved.

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Sidebar: Gallon of gas close to topping $4 -- will it go higher?

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So when is the best time to buy gas to get the lowest price?  Experts say filling up on Wednesday will save drivers money.  Gas prices are the highest on weekends when the most people are out on the More>>

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