Enjoying those lower gas prices? Analysts say don’t get used to it.
According to GasBuddy, the price at the pump for regular gasoline has already gone up more than 13% in the last month, and It’s expected to keep rising.
The national average was right around $3 per gallon in mid-December, but the petroleum price analysts now say it could hit $4 per gallon again by springtime.
Fifteen states now boast prices that average higher than $3.50 per gallon, an increase from just six states in December, and the current floor for prices across the nation is $3.10.
“It all started in late December thanks to an arctic blast that hit much of the country, all the way down into Texas,” GasBuddy analyst Patrick De Haan told WNCT. “The extremely cold weather caused equipment failures at refineries, so as a result gasoline production was disrupted.”
However, as the U.S. continues to thaw, the impact of the warmer weather on prices is expected to be negligible as demand increases heading into the summer travel months.
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