Gasoline Prices To Rise Average 14% But Not To Record Levels This Year: EIA

April 11, 2018

 

The increasing price of crude oil will bring up gasoline prices by the summer, according to a US Energy Information Administration forecast released Tuesday.

Gas prices are expected to slowly jump 33 cents over the spring and a little into the summer months, but the agency doesn’t expect them to reach record levels.

Of course, gas prices always go up in the spring because fuel blends are adjusted for low emissions and refineries typically shut some units for maintenance.

Prices could reach upwards of $3.00 a gallon in the Northeastern US, $2.90 in the Upper Midwest and higher if there are more refinery maintenance problems than expected.

The EIA said to expect an average summer price of $2.74 a gallon, with the “average household” spending about 9% more on gasoline this year when compared to 2017.

That $2.74 price is still 14% higher than the average $2.41 seen in the summer of 2017.