Market Insider

Creeping gasoline prices may spike next year

Executive Edge: Gas tax hikes on the way

After a year of relatively cheap driving, gasoline prices are creeping higher and consumers could even see a price spike by mid-2017.

Prices should be up in the new year, in large part because of higher oil prices but also because of the growing export market for U.S.-refined gasoline. Last week, the U.S. exported a record 1.1 million barrels a day, most likely to Mexico and South America.

Some experts say there could be a temporary jump of 20 percent or more in the national average at some point in the spring when driving season picks up. Demand is softer in the winter months, but prices could get a bit higher through January and February.