A gallon of fuel currently averages $3.27, but AAA projects that the cost of filling up for consumers will rise this spring, with the highest prices hitting consumers in the Northeast and the West Coast.
The rise in springtime gas prices is coming later than last year due to continued weather storms and weak demand. Gas prices increased quickly almost every day in February last year, but prices have so far remained flat because people are driving less due to the severe winter weather. This has helped cushion supplies at a time of decreasing production, but that trend will only continue until the temperatures start to thaw.
Seasonal maintenance at refineries could push spring prices to an estimated $3.55-$3.75 per gallon. That’s still less expensive than last year’s peaks, according to the automobile club, but something for consumers to prepare for nonetheless.
“Winter weather, weak demand and sufficient supplies have kept gas prices relatively low recently, but this trend may not last much longer,” Bob Darbelnet, president and CEO of AAA, said in a statement. “Driving to the gas station could be a lot more frustrating as gas prices increase this spring.”
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Fuel prices typically tick up in the spring, as refineries cut production to perform maintenance, limiting gas supplies and causing market uncertainty. The maintenance generally occurs in the spring, after the strong demand period for heating oil in the winter but ahead of heavy summer demand. Refineries also need to switch over to summer-blend gas in the spring, which can limit supplies and increase the price of gas.
Following the springtime peak, gas prices tend to moderate, and AAA expects the national average in June to be $3.30-$3.40 per gallon. That’s below last year’s summer low of $3.47 per gallon, which was reached on July 7.
Prices tend to increase in the second half of summer, due to high demand and the risk of hurricanes. The year-end decline in prices starts around October, reflecting weakening demand and the switch to less expensive winter-blend gas.
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