The statewide average for a regular gallon of gasoline has reached four dollars again. Triple-A fuel analyst Don Redman says prices at the pump have jumped 13-cents since last Monday to reflect last week’s ten-percent increase in crude oil prices.
“We are concerned that we would see these prices continue to climb back up once we saw OPEC decide not to increase the production of crude,” said Redman.
After hitting a record high of $4.15 a gallon on March 11th, gas prices went down to about $3.85. But they shot up last week and Redman says four-dollar a gallon gasoline is not going away.
“Continue to budget at least four dollars a gallon, because our concern is that this going to be our future in the near-term,” said Redman.
OPEC is not ready to boost the production of crude oil because China is weighing down the demand because of COVID lockdowns in that country. Redman says AAA expects oil prices to remain above 105-dollars a barrel as the supply remains tight and could get tighter later this summer.
“And they are predicting a very active hurricane season, so if we have a repeat of Ida or something like that boy it can really skyrocket the prices,” said Redman.
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