Summer Gas Prices to Remain High

AAA recently released its outlook for summer gas prices. They expect prices to remain high, but stable, throughout the summer. According to the report:

AAA expects gas prices to remain relatively high during the summer driving season as millions of Americans take long road trips to destinations nationwide. AAA predicts the national average price of gas this summer likely will vary from $3.55-$3.70 per gallon. Major refinery disruptions, geopolitical concerns or a damaging hurricane season could send prices higher than forecast.

“While it is impossible to predict the exact price of gasoline, we can guarantee that millions of Americans will pay high prices as they hit the roads this summer,” said Avery Ash, AAA spokesman. “Expect a feeling of déjà vu with gasoline costing about the same as last summer.”

This outlook suggests that consumers should expect to continue to pay a significant amount every time they visit the pump this summer. However, given the unpredictability of the factors that determine the price of gas, there exists the potential that prices will significantly raise or lower as the summer continues.

Consumers’ Research will continue to monitor the price of gas as the summer goes on, and will provide updates when necessary.

Additional Information from AAA

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A rising senior at Colgate University, John is currently working as a research fellow with Consumers' Research.

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