We all remember a few years ago when gas prices jumped up to over $3.00 a gallon. That was a rough time across the country, but then we got a reprieve for a few years. Now, according to GasBuddy, it seems 2018 gas prices are expected to start going up again and will be the highest since 2014.
GasBuddy’s 2018 Fuel Price Outlook expects the average gallon of gas this year to cost $2.57—a 19 cent increase over last year. In addition, households are expected to spend about $1,898 this year on gas, compared to just $1,765 in 2017.
Why are fuel prices rising? Most of the responsibility falls on OPEC, which cut oil production, so we started this year with 50 million barrels of oil fewer than last year.
There is some good news. Previous year’s forecasts, when compared to the actual average, were predicted about 10 cents higher than what we ended up paying. So, summer road trips might not cost quite as much.
If you want to get ahead of these gas prices before your wallet starts emptying out, come visit us at Krause Toyota and take a look at our fuel-efficient lineup. Vehicles like the Prius hybrid will really help you save money.