Drivers, Get Ready For A Gas Price Spike

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Gas-pump-grades-400×225NEW YORK (CNNMoney)– Prices of oil and gasoline futures have increased sharply in July, according to chief oil analyst Tom Kloza. And these prices will inevitably be passed on to consumers in the coming weeks.

The price of unleaded gasoline could jump by at least 25 cents per gallon in August, said oil trader Dan Dicker, author of “Oil’s Endless Bid.”

In the last two weeks, gas futures jumped to $3.01 per gallon, an increase of more than 10%. And oil prices have surged more than 10% over the last month.

Related: The case for $70 oil

At the same time, Kloza notes that the price of retail gas “has barely moved.” But he does expect gas prices to follow suit, surging by as much as 30 cents a gallon in August.

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