Yikes, we're not even close to the summer travel season, and gas prices have begun a steady climb.  In fact, the price at the pump has jumped 20 cents in Bismarck Mandan in the last week!  It's currently at $2.59 per gallon at most stations.  Could this be a sign of very high gas prices to come by Memorial Day?

According to an article on NBC News, the experts are blaming the current spike on the winter blast that has crippled our country from Texas to North Dakota and all points east.  The bad news, higher prices are yet to come.  As more and more people continue to get vaccinated across the country, this will also drive up the cost of fuel too.  Why, more people will be traveling both on the roads and in the sky, as fears of the coronavirus decline, according to an energy expert.

So we all know that demand has a role with gas prices, but another big factor is the price of crude.  Crude oil has been on the rise for weeks and once again, vaccinations even have something to do with that.  The economy is expected to recover, even the 3rd stimulus check could factor into higher gas prices, as people will have more money to spend.  Crude oil prices for WTI closed just above $60 on Monday day, the highest since January 2020.

According to GasBuddy, The national average gas price jumped to $2.53 a gallon for regular unleaded this past Tuesday, up nearly 15 cents from last month’s average.  Ouch, I think $3.00 dollar plus gas for the summer is very likely, if not certain.


 

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