Buffalo, NY (WBEN) As gas prices flirt with $5 a gallon in Western New York, forecasters are saying we could pay as much as $6 a gallon later this summer.
Some local gas price watchers say the $6 price point is improbable but not impossible.
Elizabeth Carey of AAA of Western and Central New York says she hoped gas prices wouldn't reach $5 a gallon. The current price is hovering under $5 at approximately $4.82 a gallon. While she says it's not impossible to see $6 a gallon for gas, it's unlikely. "I would think that the government would step in. We have these gas tax holidays that are starting June 1 and some other efforts to alleviate the pain at the pump, so hopefully, something can be done so prices don't go up any higher," says Carey. One factor is demand, and that will be compounded by the fact 35 million Americans are expected to hit the road traveling on Memorial Day weekend.
Another factor says Patrick DeHaan of Gasbuddy.com is the European Union mulling sanctions on Russian oil. DeHaan tells WBEN supply is not as high as it had previously been. "We've lost some refining capacity in the last few years, which makes it difficult for refineries to keep churning products out," says DeHaan. Most of that has been in the northeast, contributing to the price of diesel going past $6 a gallon.
DeHaan says there won't be broad relief for months. "The price of oil has trended down just a little bit here over the last call it day or two but I don't think we'll see much meaningful relief for potentially a good portion of the summer," says DeHaan. He predicts prices won't come down until late July or early August.
Carey says do some homework to ease the pinch at the pump. "People should use any gas discounts they get at grocery stores, big box retailers," says Carey. She also recommends using gas price apps before filling up. "The app will show you it might be a cheaper price right around the corner," says Carey. She also recommends using cruise control to conserve gas usage.
California has already seen $6 a gallon for regular unleaded gasoline.
