CLEVELAND -- Cleveland-area gas prices jumped late Tuesday from $2.49 to $2.65 a gallon at most stations, with some as high as $2.69.

NewsChannel5 consumer reporter John Matarese said that Speedway, which sets local prices, raised its price first, with other stations following.

This was the largest one day jump since the big price run-up in June, before the Fourth of July holiday, and comes in August when vacation season in winding down, and gasoline demand normally drops.

Why the Price Hike?

This week's price hike can be traced to just one factor: rapidly rising crude oil prices, Matarese said.

Crude had fallen as low as $50 a barrel earlier this year, but had steadily crept up to $63 by early last week. But then it spiked nearly 15% in just a few days, rising to $71 a barrel Monday.

Traders are sending the price of crude up, not based on current demand (which is low), but on an expected jump in demand over the next six months. With more and more reports suggesting an improving economy in the US, China, and other nations next year, gas and oil demand are expected to rise again.

However, Matarese said it appears we may have seen the last of $2 gas for some time.