Gas prices are rising despite ample supply, and here's why

Looking for scapegoat for the continuing rise of gas prices? Look no further than the letter R - for refinery.

Refineries are the reason for the continuing climb in prices, even though there is plenty of crude oil available, said Sue Madden, a AAA Mid-Atlantic spokeswoman. She predicts that the price will continue to shuffle higher due to a number of refinery-related issues.

The bitter cold weather here and in the Midwest has led to a number of refinery problems in those areas and there is that pesky seasonal maintenance that refineries are currently doing, she said.

Both are factors that can limit gasoline production, and can cause gas prices to rise, too, Madden said. Be glad for plentiful supplies and low demand that is helping to put the brakes on an even higher price spike. However, AAA predicts prices will keep going up through the spring.

"While ample U.S. fuel supplies should act as a ceiling on gas prices, recent refinery issues (especially due to extreme cold temperatures in the Northeast) have pushed gas prices higher the past few weeks," Madden said.

Most of the unbranded discount gas stations are just hanging on to barely under $2 a gallon gas at $1.99 a gallon, according to Gas Buddy.com, while AAA reports a $2.19 a gallon is the average price this week. The savvy gas shopper can beat that price at least by several cents on the gallon without even trying.

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