Why Americans Are Paying More At the Pump

By Meg Handley

Turmoil abroad and rising costs at home means consumers will have to shell out more for gas this summer

Gas prices--already the highest they've ever been in January and February--shot up nearly 30 cents over the past month to a national average of about $3.70 per gallon, sparking worries that a steep increase in fuel costs could crimp consumer spending and hobble an economy that is just starting to show signs of life.

Unfortunately, those fears may be grounded, experts say. On top of typical seasonal increases in fuel prices, a host of other factors threaten to disrupt supply chains and make financial markets nervous, pushing up the price of crude oil, which determines the bulk of what Americans pay at the pump.

Here are a few more reasons why even higher gas prices may be on the way this spring and summer:

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