Spike In Gas Prices On The Horizon
BALTIMORE (WJZ) -- Just before the busy travel season, gas prices are on the rise. Ava-joye Burnett has more how high they could go, and what's causing this.
This is all about basic supply and demand, as oil-producing countries have cut back on production, and that coupled with the summer driving season is a bad mix at the pumps.
Pump watchers are predicting at least a fifty-cent spike. By the peak summer driving season, GasBuddy says that would take drivers to the $3.00 a gallon mark here in Maryland.
"So in 2016, we were pretty spoiled, in 2015, we were very spoiled. We were seeing gas for a dollar fifty, a dollar sixty. And this year, it's just not going to be the case," says Allison Mac, petroleum analyst with GasBuddy.
Drivers were really feeling the pinch in early 2012, when prices flirted were almost $4.00 a gallon.
And then in 2014, prices plummeted, which was good news for the bottom line.
But now, from gas station to gas station, drivers say it's hard for them to ignore the uptick in gas prices, especially over the last few months.
"I think the days of cheaper gas is over so we're just going to have to be more conscientious of how we use our cars," says area driver Karen Kirk.
"We rely heavily on our cars and really are handcuffed to paying what we have to pay unfortunately," says Philip Greatwich, driver.
Experts say this is all happening because oil-producing countries have cut back. So Allison Mac says there are somethings drivers can do to get ready.
"I mean, start budgeting now. That's what I've been telling everyone. And it's not just a Baltimore problem, it's across the nation," she says.
Maryland's average is $2.29, which is the same as the national average.
GasBuddy says with this increase. Some families could end up spending hundreds more on gas per year.
According to GasBuddy, Gas prices may start to rise between now and the upcoming summer travel holiday.
"America's daily gasoline bill will swell from today's $788 million to as much as $1.1 billion daily by Memorial Day. This is $312 million more spent every 24 hours."
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