Gas prices have risen by 45 cents in the past 31 days, reports the American Automobile Association, the fastest run-up since 2005.
A month ago, a gallon of gas cost $3.30. Owing to the constant hike in prices over the last month, the price of a regular gallon of gas has risen to $3.75 during a time of relatively low consumption.
"This is the most expensive we've seen gasoline in the dead of winter," said John Townsend, a spokesman for AAA Mid-Atlantic.
Noting that the increase comes just as the payroll tax cut has expired, Townsend said that "this is a double whammy for many consumers, especially on the East Coast, because many people there use home heating oil. . . . People got that shock to the system and now a shock at the gas pumps."
The steady hike in gas prices comes as a reminder that even though the United States' reliance on imported oil is comparatively less than it's been in nearly two decades, prices at service stations are still tied to global prices and subject to global market trends as well as to regional refinery constraints.
The price of crude oil, which makes up about two-thirds of the price of gasoline, remains extremely high according to historical standards.
"Oil prices are inflated by concern about potential oil supply disruption. All I have to do is watch TV for five minutes," said Fadel Gheit, an oil analyst with Oppenheimer.
He pointed to continuing tension between the United States, Israel and Iran over Tehran's nuclear program; the ongoing civil war in Syria and factional violence in such oil-exporting nations as Libya and Iraq.
According to Greg Priddy, an oil analyst with the Eurasia Group, prices of gasoline appeared to be higher than what supply-and-demand fundamentals would explain.
"The markets are breathing a sigh of relief about tail risks like euro zone, the fiscal cliff and sequestration," he said, referring to the recent U.S. budget brinkmanship. "There has also been some positive economic data in places like China."
