×

Historically low gas prices may start moving higher, GasBuddy analyst says

  • Analyst Dan McTeague told CNBC on Monday that there is "cause for concern" in the fact that there have been several days of increases in oil prices.
  • "I know the analysts are on both sides of this but I think it does mean that we may have bottomed out for the time being and we may in fact start to see prices moving back up," he said.

Consumers may be enjoying historically low gas prices, but that may soon change, analyst Dan McTeague told CNBC on Monday.

There is "cause for concern" in the fact that there have been several days of consecutive increases in oil prices, the senior petroleum analyst at GasBuddy.com said in an interview with "Closing Bell."

U.S. West Texas Intermediate crude futures settled Monday up 2.2 percent, or $1.03, at $47.07 per barrel. That marked a four-week closing high, adding to last week's 7 percent gain.

However, McTeague said it may be a little early to make the call on gas prices.

"I know the analysts are on both sides of this but I think it does mean that we may have bottomed out for the time being and we may, in fact, start to see prices moving back up. So just before the Fourth we should take advantage of these great prices."

Motorists on the Fourth of July, the busiest summer driving holiday, will be benefiting from the lowest Independence Day gas prices seen since 2005, paying an average of $2.21 a gallon, according to GasBuddy. The 10-year average is $3.14.

For the first time in the site's 17-year price tracking history, prices for the holiday will be lower than New Year's Day.

McTeague also noted a looming gas tax increase in 10 states, including Indiana, which will see a 10-cent-a-gallon increase next week.

"We're paying about 5 and a half cents less a gallon this week than last week," he said. "By next week … you're likely to see prices move back up to the $2.24, $2.25 range. But at $2.21 a gallon, we are the lowest in a dozen years and very few of us, certainly myself included, would have seen this coming at the beginning of the year."

— Reuters contributed to this report.