Why Gas Prices This Summer May Sound Familiar to Cash-Strapped Drivers

The story of gas prices this summer will be all too familiar to drivers looking for relief.

Recent Gas Price Trends

Gas prices have been fairly predictable so far in 2024.

NerdWallet currently lists the average per gallon gas price as $3.642. That is just a 3-cent increase over April's average price.

While that initially might not seem like a lot, the small price increases are starting to add up. The same website also reports the national average has increased 55 cents per gallon since the start of the year.

NerdWallet attributes rising gas prices to an increase in driver demands and refineries making the switch from winter-blend to summer-blend gas. The website says the summer-blend can be more costly to make, which, of course, becomes the consumer's problem as we are asked to pay more at the pump.

What To Expect For The Rest Of 2024

The outlook for the rest of 2024 also is rife with predictability.

The U.S. Energy Information Administration believes there will be cuts in crude oil production and "ongoing geopolitical risks" that will keep gas prices from dropping in 2024.

READ MORE: This Is The Only State That Won't Let You Take Home Roadkill 

But that doesn't necessarily mean gas prices will skyrocket either. The EIA is predicting an average price of $3.70 per gallon through September of this year.

That average price is right where we were at this same time in 2023.

Not Everyone Believes Prices Will Gas Prices Will Stabilize

The 2024 gas price outlook can be a little more dire depending on who you trust.

A report last month published by The Street called for average gas prices to exceed $5 per gallon this summer.

The outlet expects oil prices to continue to climb, putting extra emphasis on how global events could send costs skyrocketing.