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Gasoline prices continue to defy experts' predictions and rose again overnight.
That's 50 consecutive days of rising prices across the United States, as the cost of a gallon of gasoline seems headed for $3 or higher.
The increases began about May 1, and oil industry analysts predicted in mid-May that gasoline prices would reach a ceiling of about $2.30 for the summer.
That ceiling was smashed by mid-May, and the average price of a gallon of regular gas in the Charlotte area is now $2.64, according to AAA Carolinas. The national average is $2.68, with averages of $2.63 in North Carolina and $2.49 in South Carolina, which has lower fuel taxes.
Experts can't agree on the precise cause of the hike, instead blaming a series of factors:
-- Rising cost of oil futures in market trading. Oil was trading for more than $71 a barrel this morning. That is up more than 33 percent since early in the year.
-- Increases due to the refineries' switch to a different type of fuel for the summer months.
-- Falling value of the dollar, due to concerns that the Obama administration's stimulus package spending will cause inflation.
All of this comes at a time when U.S. motorists are driving less. Gas consumption is down 1 percent since January, and the gas inventories are the largest in 16 years.
However, experts say, those inventories have diminished over the past two weeks, signalling that U.S. motorists are starting to drive more.
Analysts disagree on the future of gas prices.
Some say prices will fall, as the market eventually reacts to the gas-saving habits of U.S. motorists. But others say the prices will continue to climb, due to cutbacks in production by OPEC nations.
