A little pain, but not too much, at the pump

Tuesday, March 13, 2018
 | 
Steve Jordahl (OneNewsNow.com)

pumping gas fuel costsYes, there is a forecast that your pain at the pump will start increasing as we near summer but one expert says it's not going to be as bad as it could be. 

The national average price for a gallon of gas is a little over $2.50 a gallon and slowly dropping. But as spring and summer approach and demand goes up, Patrick DeHaan of Gas Buddy says you will see a price increase.

"I think what we're expecting for the upcoming summer driving season is certainly a price increase," he predicts. "But the good news may be that the increase will probably be fairly limited compared to what we've seen in the past, say, ten years or so."

An abundance of oil is keeping prices low, which means a summer increase will be smaller this year.

"Whereas five or ten years ago the national average could rise 35 to 75 cents a gallon between a winter low and a spring high," says DeHaan, "I think this year we'll probably hug the 20-to 35-cents-a-gallon range."

All of that is good news, of course, but there is even more: as the U.S. inches closer and closer to becoming the world's number one oil producer, gas prices will continue to be low.

With the price of oil hovering around $63 a barrel, DeHaan says the days of $100 dollar a barrel oil and the $4.00 a gallon gas may be gone for good.

"Overall gas prices will likely not eclipse their record levels," he predicts, "in fact, not getting anywhere near to those levels – kind of a new era in U.S. oil production."

He cautions that world events like a crisis in the Middle East or another strong storm season could always drive prices higher. 

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