Experts expect gas prices to surge
Gas prices are expected to hit levels not seen in years this spring because of low supply, experts said, and could force some drivers to change how often they get behind the wheel.
The national average per gallon is estimated to top off at $2.70 in the coming months, according to
AAA, which would be the highest since 2015. The surge will be felt more in part because of the consistent low prices at the pump, at times dipping below $2.
“We’ve been down in the low $2s for so long,” said Mary Maguire, a spokeswoman for AAA Northeast. “We’ve really been enjoying relatively cheap gasoline for the past several years.”
Despite a few weeks of modest declines, Massachusetts gas prices — at an average of $2.49 per gallon — are 32 cents per gallon more than this time last year.
Driving the surge is a decision by OPEC — an organization of top oilproducing nations — to cut production to try to remedy persistent low crude oil prices.
“Over the last year, year and two months, OPEC has been reining in oil production,” said Patrick DeHaan, an analyst with GasBuddy.com. “Oil inventories have really started to drop, and that was OPEC’s aim.”
As with anything else, tightening supply has pushed prices higher. In the coming months, oil refineries will also have to switch over to their summer gas blend, a more expensive fuel designed to cut down on emissions. As producers take production offline to switch to new equipment, prices will continue to rise, DeHaan said.
Still, increased volatility in the oil markets has led to a larger-than-usual spread between the priciest and cheapest gas stations, DeHaan said.
“When the market moves, the results could be different among local suppliers,” he said. “Motorists can really overpay if they’re not shopping around.”
An AAA survey found drivers could begin to get more selective about driving as prices climb higher. According to the survey, 25 percent of respondents said they would change their driving habits if gas prices hit $2.75 per gallon, while 40 percent said they would if prices hit $3 per gallon.
“Americans are driving record numbers of miles, and part of that is because gasoline prices are cheap,” Maguire said. “People have become more discriminating in terms of watching the retail numbers.”