Gasoline and diesel prices are increasing alongside other products in 2012. Tensions in Iran have driven up the price of crude, an outcome exacerbated in Europe due to a weak euro, a factor that will make paying energy bills tough economically. But that is not all.
Oil companies warn that the increasing costs of crude have still not fully impacted the costs of fuel at the pumps. During the next several weeks we are in for an unhappy surprise, especially if we keep in mind that retail gas prices typically spike more in proportion to rising crude.
With this outlook, January is going to be a tough hill to climb, and the difficulty could likely extend into the months ahead.