Gas Prices This Summer Are Expected to Hit a Four-Year High

Gasoline at U.S. Pumps Seen Surging to 4-Year Seasonal High
A customer fuels his vehicle at a Road Ranger gas station in Princeton, Illinois, U.S., on Tuesday, June 17, 2014. Gasoline in the U.S. climbed this week, boosted by a surge in oil, and is expected to reach the highest level for this time of year since 2008. Photographer: Daniel Acker/Bloomberg via Getty Images
Photograph by Daniel Acker — Bloomberg via Getty Images

Gas prices this summer are expected to be the most expensive since 2014, closing in on $3 per gallon, according to a new report from the Oil Price Information Service (OPIS).

The national average is expected to hit $2.79 per gallon, an 11% jump over the current average, as calculated by AAA. Because of price fluctuations, consumers in several states could see prices easily top $3.

The price climb is likely to start in March, which is traditionally when the summer escalation begins. By April, says OPIS, most drivers will be paying $167.40 per month for gas—$24 more than they did at the same time in 2016.

The rising price at the pump is tied to escalating oil prices. Demand in the U.S. and abroad has been increasing—and that’s led futures speculators to go long, which could keep prices high.

It could be worse. While drivers haven’t seen prices this high for four years, filling up your car cost a fair bit more in the heyday of 2014. The average price per gallon that summer hovered at $3.64 per gallon.

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