Gasoline futures hit a six-month high on Wednesday, with some market watchers believing the rally has further to run.
With Americans already feeling the pinch of higher taxes, gas prices have been on a fairly steady climb. Two major factors behind the rise are supply issues and a lack of refining capacity, according to Commodities trader Anthony Grisanti.
(Read more: Gasoline at Highest Price Ever for This Time of Year.)
Indeed, stockpiles of gasoline and distillates fell, according to the weekly petroleum status report released by the Energy Information Administration this week — triggering some concerns that a dearth of supply will put even more upward pressure on energy prices.