Average gas price could hit $4 per gallon this summer, experts say
In this photo illustration, a gas pump is filling up a vehicle at a Chevron gas station on December 05, 2022 in Houston, Texas. U.S. gas prices have dropped towards $3 a gallon, with global gas prices having steadily dropped since June. (Photo by Bra
ATLANTA - With summer just around the corner, experts are warning travelers to brace themselves for a potential spike in gas prices.
According to industry forecasts, gas prices could soar to as high as $4 per gallon in some regions by the summer months.
The latest data from AAA reveals that the national average price for a gallon of regular gasoline currently stands at $3.56. In Georgia, motorists are paying slightly less, with the average price at $3.35 per gallon. This marks a significant increase of about 15 cents compared to prices just a month ago.
The surge in gas prices comes amid recent decisions by the Biden administration regarding the Strategic Petroleum Reserve. Initially, President Biden began reducing the reserve in late 2021 as part of efforts to address soaring fuel costs. However, in a reversal of strategy, the administration has opted to halt plans to replenish the reserve due to the already elevated oil prices.
Officials argue that with oil prices already at elevated levels, purchasing additional oil for the reserve could further exacerbate the situation. Consequently, the administration has decided to postpone any further purchases, citing concerns about the impact on fuel prices.