Gas prices forecasted to go up this summer - KWWL - Eastern Iowa Breaking News, Weather, Closings

Gas prices forecasted to go up this summer

WATERLOO (KWWL) -- Expect higher prices at the gas pumps going into this summer.  Prices Thursday in Iowa are averaging $2.68 a gallon for regular unleaded.  That's according to the website

Iowa's average was three cents below the national average Thursday of $2.71, but still 13 cents higher than a month ago.

Analysts believe prices could be even higher by summer. 

"Throughout the midwest we're seeing a significant amount of oversupply of both gasoline and diesel right now. That is due to poor weather, lower demand, and prices are really going to stay under pressure throughout the midwest over the next couple of months," Andy Lipow with Lipow Oil Associates LLC said.

Prices nationwide are forecasted to average at least $3.00 a gallon this summer.

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