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Gas Prices on the Rise

Fernando Jeronimo | Advertising Manager

One year ago, the national average for gas was priced at $4.12 based on AAA stats. But the question is, are gas prices on the rise again? About a month ago, the national average was $3.44 but since then we have seen the price of gas grow 24 cents to currently $3.68. Since April 13th, 2023, 10 states have seen the largest increases in their averageswith Arizona leadingthe pack with a 16 cent increase. Currently the most expensive market is California sitting at an average of $4.90. The price increase is due to an increase in oil prices, with it costing around $80 for a barrelof oil. Opec Plus whichis a group of 23 oil-exporting countries said that they will conduct production cuts starting in May. Due to cuts, this will result in the price of gas to increase. The national average record sits currently at $5.01 per gallon that occurred in June last year. As it looks right now, there is much uncertainty as to what gas prices will become this summer but no experts are expecting the price of gas to challenge the national record from 2022.

The head of petroleum analysis at GasBuddy says he expects the prices to start going down in June. He says, “Expectthe upward trendto continue throughmuch of the rest of Spring, but once the transition to summer gasoline and refinery maintenance are behind us, April and May jumps could bring June slumps.” Signs are pointing to a slowdown as the cost of crude oil is falling. The Energy Information Administration is showing the demand for gas galling as more United States refineries are returning to service from extensive winter/ spring maintenance.

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