Analysts predict gas prices to hit $3 by month’s end

Analysts predict gas prices to hit $3 by month’s end

JONESBORO, AR (KAIT) - If you think the price at the pump is high enough, analysts say just wait.

In the past week, gasoline prices in Arkansas rose 6.5 cents per gallon to an average of $2.51. That’s 21.6 cents a gallon more than a month ago, and 8.4 cents higher than what motorists paid a year ago.

According to GasBuddy.com, the national average also rose 7.4 cents per gallon in the last week to an average of $2.83. That’s 28.7 cents more per gallon than last month.

“The national average gas price has now risen for the 9th straight week, adding 57 cents a gallon in that time,” said Dan McTeague, senior petroleum analyst with GasBuddy.

He added that Americans are paying about $200 million more per day for fuel than they did at the start of the year.

“The effect of rising prices isn’t about to let up,” he warns, citing a recent rash of refinery outages and the switch to summer blended gasoline.

McTeague predicts prices will reach $4.15 a gallon in California in the weeks ahead “while the rest of the nation faces the prospect $3 a gallon by month’s end.”

Copyright 2019 KAIT. All rights reserved.