Boston, Massachusetts 2021-03-30 12:58:47 –
If you are looking to do that summer expedition, you may want to plan a higher price with a pump. As you may have noticed, gas costs are steadily rising.
Tracey Noble on the Mid-Atlantic AAA says several factors contributed to the surge.
One is a Texas refinery that experienced turmoil during a major winter storm. Noble also states that this is a time of year when there is usually a switch to summer blended fuels, which are more expensive than winter blended fuels.
According to the Lundberg Survey, the latest rise is at the end of the oil price hike in early March.
The oil market is recovering from a pandemic, with crude oil hitting a high of over $ 66 a barrel earlier this month. This is a journey from the April 2020 low of $ 37 per barrel, when producers had to stop selling oil and pay for storage due to a pandemic.
“Supply disruptions have reduced production,” Noble said. “It’s starting to go online now.”
Crude oil prices are already showing signs of declining.
Pumps are expected to cost $ 3 in time for Memorial Day, but as we’ve seen in the last two months, it’s unlikely that prices will continue to skyrocket.
There is another reason Noble says that the higher prices of pumps do not discourage people from hitting the road. She says AAA is seeing more people planning their trips now that vaccines are becoming more widely available. She says people have been exhausted from the coup over the past year and will go out on the road as much as possible. As a result, AAA does not expect people to stay home this summer due to rising gasoline prices.
So if you’re planning a trip and looking to save some cash on a pump, Noble gives some advice.
“When you go out, buy the best fuel prices in your area,” she said. “It may not be in your neighborhood, it may be on your route to and from work or your child’s school, so you just need to be a savvy consumer.”
Gas Prices Are Up, But Americans Are Still Eager for Summer Travel, AAA Says – NBC Boston Source link Gas Prices Are Up, But Americans Are Still Eager for Summer Travel, AAA Says – NBC Boston