Experts predict rise in gas prices for Philadelphia-area drivers in coming months

PHILADELPHIA (WPVI) -- While gas prices have remained steady over the past couple of months, experts predict a spike in the coming months.

According to AAA, gas prices in the Philadelphia five-county area, New Jersey and Delaware have gone up slightly in the past week.

Patrick De Haan, the head of petroleum analysis for GasBuddy, says the slight increase in current prices is due to recent cold weather shutting down refineries in the south.

However, AAA data shows gas prices throughout the region are down compared to this time last year.

The national average for a gallon of gas is currently $3.15. That's up five cents from a week ago, but down 35 cents from this time last year.

In the Philadelphia five-county area, the current average is $3.35 a gallon. That's up five cents from last week, but it's down 32 cents from a year ago.

In New Jersey, the average price for a gallon of gas is $3.15, which is up six cents from last week. The cost of gas in the Garden State is down almost 30 cents compared to this time last year.

In Delaware, the numbers are similar. The average price of a gallon of gas is currently $3.16, which is up nine cents from last week but down almost 30 cents compared to this time last year.

Experts say we could see a price increase soon.

"It's pretty clear now that we've already seen the lowest prices that we are going to see at least until later this year," De Haan told Action News.

De Haan says there are many different factors that influence this global commodity.

One factor is the price of oil, which is currently at its highest level since November.

"A lot of the reason why oil prices are going up has to do with the Houthi attacks in the Red Sea, the drone attack launched on American troops, and the potential that we could see a little bit of escalation there," De Haan said.

But, he says there are other factors at play, including the transition to summer gasoline later this month.

"I would expect monthly increases of anywhere from 10 cents to 30 cents a gallon," De Haan said. "If we do the arithmetic there, if we see that for three straight months, that's going to be about 30 cents to 80 cents a gallon potentially."

De Haan predicts the prices will rise between Valentine's Day and Memorial Day.

Experts are also keeping a close eye on how the Federal Reserve is adjusting the interest rate. The Fed left rates unchanged on Wednesday, but De Haan says a future rate hike could lead to a price hike for drivers.

"We probably won't ever get used to gas prices rising because we just don't like it," he said.