Those free-falling gasoline prices have started to rebound, but the bad news for the wallet may hold some good news for drivers. Prices for a gallon of gas locally have crept up over the past couple of weeks, after bottoming out at under $2 in late January.
In Minnesota, where the new year brought some of the lowest gas prices in five years, prices have jumped 22 cents during the first two weeks of February, one of the steepest increases anywhere in the country. The average price was $2.18 as of Friday, according to AAA.
This rise should not be a surprise, said Patrick DeHaan, a petroleum analyst with GasBuddy.com, which provides retail fuel pricing information.
"A seasonal rise is almost as sure as death and taxes," he said. "This is something motorists should be accustomed to; we see it every year."
Before we start crying foul, let's point out that prices are still about $1.10 lower than this time last year. And the long-term forecast bodes well. DeHaan said he expects gas prices to peak between $2.50 and $2.70, barring unforeseen circumstances, substantially below what motorists paid last summer.
Prices generally rise 30 to 80 cents during the spring and early summer for two reasons. First, demand goes up as motorists drive more. Second, refineries cut production as they conduct maintenance and begin switching to a blend that burns cleaner gas as mandated by the Environmental Protection Agency.
"When we give the reasoning of refinery maintenance, drivers are skeptical," DeHaan said. "Unless Houdini can change the oil with the car running, it has to be done. Refineries are subject to the elements and nobody wants an explosion [like one in Ohio in January]. That would bring even more pain at the pump."
While the recent low gas prices have left more cash in our wallets, rising prices might not be so bad.