Mixed Forecast For Summer Gas Prices
Just how much will that tank of gas cost you for your summer road trip? According to at least one source, more than it did last year. The government is predicting higher gas prices this summer in part due to higher prices for crude oil and global demand being higher than anticipated.
The Energy Department raised it's expected average price of gasoline through September of this year to $2.92 per gallon, up from $2.76 just one month ago. If the new forecast holds, you can expect to pay around 7 cents more per gallon of gas than you did last summer. Chalk that up to higher refinery costs.
But not everyone believes gas prices are headed up. Price tracker GasBuddy believes that prices will go down as refineries step up production. They forecast an average price of $2.76 in September and down to $2.56 by December. Other factors could still affect crude and gas prices going forward like possible sanctions against Iran and a trade deal with China.