Gas price spike expected with switch to summer fuel blend
- Regular gasoline prices rose 6 cents since last week to $3.67
- Refineries switching from winter to summer blends, which are more costly
- Expert: Hard to predict prices by end of summer, will depend on supply
CHICAGO (NewsNation) — As the weather heats up, so do gas prices.
The national average for a gallon of regular gasoline is up nearly 25 cents higher than this time last month to 3.67, according to AAA. It’s also risen 6 cents from last week.
Although gas is still 41 cents less than a year ago, experts have said a supply-and-demand trickle-down effect will likely cause prices to rise into summer.
“It’s hard to tell what prices will be by the end of the summer; this all depends on the supply. If we start refining more here in the U.S., we start bringing in gasoline from Canada, which would be nice because we do have the pipeline, but this administration does not want us to rely on oil and gas they want us to go electric vehicles,” said Lauren Fix, a transportation energy analyst at The Car Coach.
U.S. refineries are switching from winter to summer blends, which are more costly to produce.
Last month, The International Energy Agency predicted more global demand for oil, especially from China, resulting in higher prices.
OPEC also announced their oil production cuts last month that will start in May.
Fix said there are more ways consumers can save by checking tire pressure, making sure there’s no added weight on their car and getting a fuel discount card.
Experts recommend buying gas during the week before noon before gas stations raise prices over the weekend.