Gas prices high now, but spike to be short-lived
KANSAS CITY, Mo. — Gas prices have jumped more than 20 cents in just the past week, and as we get closer summer, many of you are wondering if gas prices will continue to rise.
All the experts predict that gas prices will actually fall in the coming months, which is definitely good news for your wallet.
According to Triple A, the current averages over the last month were:
Today Last Month
$3.58 $3.25 ——- Kansas City, Mo.
$3.66 $3.35 ——- Kansas City, Kan.
The reason for the recent spike in gas prices is many refineries are switching over to their summer blend, plus crude oil prices have recently risen due to a rising demand worldwide. But experts say that demand is short lived.
Officials from the Energy Information Administration say slow economic growth in China and Europe will lower demand for crude oil in those countries, lowering prices. Plus oil companies are drilling into large crude oil supplies in the U-S, increasing our oil supplies.
But here’s the best news: the EIA says with car manufacturers making more fuel efficient cars than ever, car owners aren’t filling up as often, so demand at the pump is the U.S. will be down around six percent from last year. They predict the average gas price this year will be down 13 cents from last year, and down a total of 24 cents next year. Some say those estimates might be conservative.
So while it might hurt to fill up now, rest assured that gas prices should be coming down in the weeks and months to come.