Gas Prices May Rise After 5 Year Lows

I hope you've enjoyed the lowest gas prices in years over the last few months, because it looks like it might not continue.

According to CNBC, gas prices will most likely rise through February, but it looks like the increases will only be minimal especially if the oil supply is higher than current demand.

Gas prices over the past year have dropped around $1 per gallon, where in early 2014 the average price was $3.30, compared to $2.11 around the same time this year.

We could expect gas prices to rise 30-40 cents per gallon into spring. When the oil companies realize they can slow down production due to weaker demand, they can eventually increase the price.

However, this could all change VERY quickly with an unstable oil market. If supplies continue to increase at the rates they are, then prices could stay on the lower side.

Long story short, expect a slight rise in prices, but it isn't guaranteed.