When you head to the pump this summer you might get hit with a little bit of sticker shock. Rising oil prices are projected to translate into higher gas prices come this summer.
The projections were made by private analysts and the U.S. Energy Information Administration (EIA).
Currently, the average gas price in the United States is $2.81 per gallon, up from $2.39 a gallon last year, according to the Oil Price Information Service. While gas prices last summer averaged $2.41 a gallon, the EIA projects that this summer gas prices will average around $2.74 a gallon, up from $2.41 a gallon earlier this year, the Associated Press reports.
While the numbers are higher, Tom Kloza, global head of energy analysis for Oil Price Information Service told the AP he doesn’t think we’re going to see “apocalyptic numbers” at the pump, but that”this will be the most expensive driving season since 2014.”
Those numbers will likely hold true after the summer as well. The EIA projects that the national retail price for gas in 2018 will average $2.76 a gallon.