When it comes to gas prices in 2017, Mexico isn’t the only country that’s in for a shock. It’s estimated that consumers in the U.S. are going to pay 36 cents more for gas this year. In total, they’ll be shelling out $52 billion more this year than in 2016.
GasBuddy, a company that monitors gas prices, foresees the average price for gas going up to $2.65 per gallon. Last year’s average price was only $2.49 per gallon. In 2016 United States motorists paid $39 billion less than what they did in 2015. This year, however, can see an estimated $355 billion spent in gas in the U.S.
As winter fades into summer its more likely that the spike in price will be 30-60 cents. The highest increase likely to occur the end of winter an beginning of spring. The peak of prices will rise around May. Some cities like New York, Chicago, and Seattle will see gas prices rise to $3 per gallon.
Petroleum analyst for GasBuddy, Patrick DeHaan, says that “The list of factors being mixed into the yearly forecast has never been larger. This year will see a new administration take over, perhaps the most oil-friendly in some time, and with so many unknowns in regards to policy changes, we’ll be keeping a keen eye on such along with taxation changes.”
Federal and state tax modifications, weather and refinery maintenance have the probability to affect the fluctuation of retail gas prices. The price consumers pay for gas continues to grow into a large controversy. Gregg Lakoski, senior petroleum analyst believes that being able to predict what direction the prices will take helps “everyone save money, even when prices are climbing.”