Following a brief dip, gas prices are projected to surge once again, with the national average potentially reaching $4.20 a gallon, according to an industry expert.
Over the past week, gasoline futures rose 30 cents “which is just bad news for the consumer,” according to Andy Lipow, president of Lipow Oil Associates.
The national average price for a gallon of regular gasoline on Monday is $4.08, according to AAA estimates.
Lipow projects the national average will climb back to between $4.15 and $4.20 per gallon even with some states suspending gas taxes.
Georgia, Maryland and Connecticut have suspended their state excise taxes on gasoline which would have lowered the national average, however, Lipow told FOX Business that “the news stories of last week caused a significant price rally that offsets some of those tax savings.”