AAA Gas Prices by Gallon: Cost of Fuel to Go Down Next Month, AAA Says; National Average Gas Price Is Currently Highest Since March 2013
Drivers are seeing high gas prices nationwide, but that won't last long according to AAA.
The national average price per gallon of $3.70 reached this week is the highest average price per gallon since March 20, 2013, AAA says.
Since early February, gas prices have increased 42 cents per gallon, or 13 percent, AAA says.
But, as production increases for the summer driving season, prices will fall.
"Spring is generally the worst time of year to fill up the car, and high gas prices are hard on people hoping to take advantage of the warmer weather," said Cindy Antrican of AAA.
Last year the national high average of $3.79 per gallon isn't expected to be eclipsed this year as production of gas will surpass demand.
Recent increases in gas prices can be blamed on the switchover to the summer-blend of gasoline. In advance of the switchover, refineries close for weeks.
AAA predicts the near future with this statement:
"The national gas price average will likely continue to inch up as the May 1 changeover to summer blended gasoline approaches. ... However, the end of refinery maintenance, lower crude oil prices, stable U.S. inventories and lessening geopolitical tensions could all contribute to a retreat in gas prices next month. Prices may be significantly higher on Cinco de Mayo than on Memorial Day."
Despite a record amount of oil inventory in the U.S., gasoline prices continue to rise and AAA says there's multiple reasons for the rising prices.
"Though oil inventories have increased, a number of factors could cause prices to continue rising, such as geopolitical tensions, the price of crude or unscheduled refinery shutdowns," said Jana L. Tidwell, public affairs specialist for AAA Mid-Atlantic. "If these factors remain stable, prices should peak in the coming weeks, barring unforeseen circumstances."
Gas prices in the continental U.S. are worst in California, where the average price for a gallon is $4.00 or higher, according to price-tracking website GasBuddy.The lowest gas prices can be found in Montana, where they are $3.24 or lower.
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