The sinking economy has taken its toll at motorists, what with gasoline prices at the gas stations leaping almost 10 percent in one month! This, despite the crude oil prices hitting the rock-bottom for the year, at less than $34 a barrel!

In the opinion of the analysts, the national average for gas is likely to hit $2 a gallon this weekend.

US refineries, particularly those in California are adopting tightening measures with regard to gas, citing maintenance work and mechanical malfunction. The $2.29 a gallon price in the state on Saturday is 25 cents more than the month-back price.

Houston-based energy analyst Andy Lipow, explaining the baffling ‘oil price falling and pump prices rising’ situation said that an oil supply overabundance – with supplies soaring 142 percent in four months - and fall in demand contribute significantly to low oil prices. In addition, the contraction in gas supplies, with refiners cutting back on production because of weak demand, aggravates the problem.

As a result, there has been an increase in wholesale gasoline prices, which are the actual determining factor behind retail prices, rather than the commonly perceived crude oil.

According to pricing analyst Bob van der Valk, of 4Refuel, “The petroleum market has finally gotten tired of losing money on refining fuel. No hopes are on the horizon to see any relief soon at the pump.”