Prices Are Going Up At The Gas Pump

March 9, 2017

© Daniel Korzeniewski | Dreamstime

As spring and summer get closer, oil refineries prepare to change their formula, which means the price of gas is expected to go higher over the next few weeks.  GasBuddy says the average price has risen five cents to $2.31 across the country and will continued to grow over the next four to six weeks due to refinery maintenance and the switch to summer gasoline. The average price per gallon is up 13.1% from one year ago. However higher prices may level as analysts say that oil consumption in the United States will peak in 2018 and gradually go down.  As more people drive hybrid and electric cars mixed with government mandated higher fuel usage standards, we could finally see the United States kicking the oil habit (or at least cutting down).  Gasoline demand is expected to grow to peak of around 9.45 million barrels per day (bpd) in 2017 and remain largely unchanged in 2018 before slipping to 9.28 million bpd in the following year.  Worldwide demand for oil is expected to peak in 2021.

SOURCE: GasBuddy & Reuters

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