Spring Gas Prices Could Approach A ‘Tipping Point’ For Drivers

 

According to AAA, the average cost of a gallon of unleaded regular is about 25 cents more than this time last year.
The national average price could reach as high as $2.70 per gallon this spring.

If it seems to be costing you more cash to fill up your tank these days, you’re right.

“We’ve gotten accustomed to cheaper gasoline over the past couple years,” Robert Sinclair, AAA Northeast Manager of Media Relations told CNBC’s On The Money in a recent interview.

According to AAA, the average cost of a gallon of unleaded regular is about 25 cents more than this time last year.

With fewer miles driven, and less demand during the cold winter months, winter gas prices are usually lower. Why the price spike now?

“We’re still riding the wave, if you will, as a result of Hurricane Harvey, where gasoline prices jumped up afterwards,” Sinclair said.

After that natural disaster, prices never really returned to pre-hurricane rates.

“Back when the hurricane hit on August 25, oil was $47 a barrel,” he said. “We hit $66 a barrel in January and we’re down around $60 to $61 dollars now.”

CONTINUE READING 

Leave a Reply

Your email address will not be published. Required fields are marked *