Gas prices not likely to continue rising, experts say

Drivers watch prices rise at the pump

Jordan Bowen reports

TAMPA, Fla. - Ever since Russia invaded Ukraine, gas prices have skyrocketed across the country, topping more than $4 a gallon in the Bay Area. Experts predict prices will continue to rise, but how high can we expect them to go? Not much higher according to Gas Buddy.

According to Patrick De Haan with Gas Buddy, prices will continue to rise, but he expects the pace at which they're rising to start to slow down. It's somewhat good news for drivers.

Some tell FOX 13 they have no choice, but to pay more. Others say they're cutting back and driving only when it's necessary.

There's frustration at the pump as gas prices soar across the country smashing all-time records.

MORE: Truckers feel the brunt of rising prices as diesel nears record high

"I mean that's ridiculous man. Come on $4.00 a gallon. You know. Give us a break," driver Kenneth Thompson said.

In Tampa Tuesday, the price at this marathon on Kennedy was $4.19 for a gallon of regular unleaded gasoline.

"I'm paying more and just dealing with it. Life goes on. You know it shouldn't be like this because it's hurting a lot of other people probably worse than me," driver Michael Hatzidakis said.

Diesel prices put crunch on truckers

The all-time record high for diesel fuel, according to AAA was about $4.85 a gallon back in 2008. Fast-forward 14 years and now AAA says diesel is hovering around $4.75.

According to Gas Buddy, around this time last year the average price for a gallon of regular gas in Florida was around $2.70. Now, it's about $4.15 which is a more than 60 percent increase. In just the last week, the average price across the country for a regular gallon of gas has shot up more than 50 cents.

"The good news is that pace of increase will now slow down. You shouldn't have to worry about going outside and see prices up 40 cents a gallon. The increases will continue, but the pace of increase will likely slow down," Gas Buddy's Head of Petroleum Analysis Patrick De Haan said.

According to the AAA, Tuesday the average price nationwide topped $4.17. Without accounting for inflation that's the highest it's ever been breaking the previous record in 2008 when it reached $4.11. One of the main components contributing to the rising costs is Russia's invasion of Ukraine.

"Stations are raising prices because their cost of replacement is going up meaning they're paying more for their gas. Is that gauging? No. If someone raises their price beyond a dollar higher than anyone else maybe that's gauging," De Haan said.

As far as how high we can expect them to go, Gas Buddy predicts the average price for a gallon of will only go up a few cents over the next few months, predicting the nationwide average will be around $4.25 in May.

They don't expect the average price to dip below $4 until November.