Gas prices have been on the rise, with the national average currently at $3.40 per gallon of regular. This marks an increase of 21 cents from a month ago and 33 cents from the low in mid-January. While prices are higher than last year, they are still lower than the peak seen in 2022.
Several states have experienced significant price hikes, with Kansas, Missouri, Montana, North Dakota, and Utah seeing increases of 40 cents or more per gallon in just the past month. The reasons behind these price spikes include increased demand as the weather improves, the switch to more expensive summer blends of gasoline, refinery issues limiting supply, and a slight uptick in oil prices.
Experts suggest that while the current situation may lead to higher prices in the short term, a drastic spike above $5 per gallon is not expected this year. Barring unforeseen events such as conflicts in the Middle East or severe weather disruptions, the national average is projected to stay below $4 per gallon throughout the summer. GasBuddy's Patrick Dahan even anticipates a peak in prices earlier than usual, with a potential decline in the fall.
Despite the temporary inconvenience of higher gas prices, the outlook remains relatively optimistic for consumers planning summer trips. While fluctuations in prices are normal, the hope is that the situation will stabilize in the coming months, providing some relief at the pump just in time for the upcoming election season.
