EIA Says Gas Prices Could Jump 14%

The U.S. Energy Information Administration expects the average cost for a gallon of unleaded gasoline to reach $2.74, 33 cents higher than last year.

April 18, 2018

WASHINGTON – U.S. drivers will have to shell out more at the pump this summer, as gas prices are expected to rise 14%, Forbes reports. According to the U.S. Energy Information Administration (EIA), the average cost for a gallon of unleaded gasoline will reach $2.74, that’s up 33 cents from last year’s $2.41 per gallon.

Already, fuel prices have shot upward thanks to an increase in crude oil costs coupled with refineries switching over to summer grade fuel. Each year, the change to summer grade fuel often triggers a spike in gas prices.

Many drivers pay even more due to driving vehicles with turbocharged engines that run better on premium-grade gasoline that often costs an extra 52 cents a gallon. Crude oil prices are anticipated to crest at approximately $71 a barrel, higher than the EIA’s first forecast of $63 a barrel over the summer.

“There is tremendous volatility in the oil and gasoline market,” said Jeanette Casselano, AAA spokesperson. “Crude oil is selling at high prices compared to previous years, and domestic gasoline demand has been high most of the winter, among the factors all driving gas prices up and draining consumers’ wallets.”

The EIA now estimates that the average U.S. household will pay $190 more to fill their vehicles over the summer. To help showcase how Americans are filling up on fuel at convenience stores, and how often, NACS created a new infographic, “Convenience Stores Keep Drivers Fuels.”