Fill up your tanks while you can. According to a new report by GasBuddy, low gas prices may soon be in the rearview mirror for American drivers.
GasBuddy believes refinery maintenance season and a switch to summer blends will soon send gasoline prices soaring to their highest levels of the year.
The Environmental Protection Agency and the Clean Air Act mandate a more expensive, environmentally-friendly blend of gasoline in the warmer summer months of the year.
Preparing For The Jump At The Pump
“There’s no doubt that people should begin to prepare themselves for much more expensive prices at the pump, and the cost of driving will be a bit more expensive this year than certainly we saw last year or, for that matter, the year before,” GasBuddy analyst Dan McTeague told Benzinga. “The amount of the increase will also be something to watch for as there’s an expectation that some refineries may be out a little longer than anticipated, creating a cramp in supply.”
Given falling supply from refinery downtime and the more expensive blend, GasBuddy predicts gas prices could rise between 35 and 75 cents per gallon by May.
The firm also predicts a return to $3/gal gasoline for several major cities in the near future, including Los Angeles, New York, Chicago, Washington, D.C., and Seattle.
Based on historical data, GasBuddy predicts the national average gasoline price will rise from its $2.26 low from February 9 to around $2.85 by Memorial Day.
From February 15 to May 15 last year, the United States Gasoline Fund, LP UGA 0.71% surged 27.0 percent.
These States Likely To See Largest Jump
According to GasBuddy, the following five states witnessed the largest jump in gasoline prices between mid-February and Memorial Day last year:
- Michigan, +$0.95/gal.
- Ohio, +$0.92/gal.
- Illinois, +$0.92/gal.
- Indiana, +$0.90/gal.
- Wisconsin, +$0.86/gal.
Today, drivers in South Carolina are paying…
Click here to continue reading
Want to learn more about how to profit off the stock market? Or maybe you just want to be able to look sophisticated in front of your coworkers when they ask you what you are reading on your Kindle, and you’d prefer to tell them “Oh, I’m just reading a book about stock market analysis,” rather than the usual “Oh, I’m just looking at pics of my ex-girlfriend on Facebook.” For these reasons and more, check out my book, Beating Wall Street with Common Sense. I don’t have a degree in finance; I have a degree in neuroscience. You don’t have to predict what stocks will do if you can predict what traders will do and be one step ahead of them. I made a 400% return in the stock market over five years using only basic principles of psychology and common sense. Beating Wall Street with Common Sense is now available on Amazon, and tradingcommonsense.com is always available on your local internet!
