Gas Pump

We May Be Facing The Most Expensive Driving Season Since 2014

May 3, 2018

This summer, people can expect to pay a little more at the pump.  Oil prices are being set at the highest they've been in more than three years and are expected to get even higher.  

The U.S. average right now for regular gasoline is running around $2.81 per gallon. That's more than the average from a year ago which was around $2.39 per gallon.  And at least 13% of gas stations across the states are already charging $3 per gallon.  

"This will be the most expensive driving season since 2014," said Tom Kloza, global head of energy analysis for Oil Price Information Service.  

"The good news is, both at the global level and the U.S. level, this is occurring at a time when growth is fairly robust," said Nariman Behravesh, chief economist at IHS Markit. "But consumers as whole will be hurt, mostly because gasoline prices are going up."  

"People forget very, very quickly," Kloza said, noting that the average U.S. gasoline price remains well below where they stood five years ago at $3.60 per gallon.

"We're seeing a higher price environment... but I don't think we're going to look at really apocalyptic numbers."

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