Published on April 12th, 2012 | by Kim LaCapria0
Gas Prices Expected to Rise Again in May, No Relief in Sight For Summer
Here in New York, I passed a gas station last night selling petrol at $4.40 a gallon last night, but it seems that despite recent assurances, the price of gas is yet again set to go up before summer arrives.
The Energy Department’s Short-Term Energy Outlook is out, and the news is not good for Americans planning road trips for the summer of 2012. While prices have been consistently high over the past few quarters, the situation is likely to worsen for the April-September driving season, even over 2011’s high prices.
May is expected to be the most painful, with a national average of a stunning $4.01, and a 40% chance of $4 a gallon gas in June. Peak prices per gallon over the season as a whole are expected to come it at $3.95, 6.3% over last year’s gas prices. The Los Angeles Times reports the expected highest national prices out West, and says manufacturing capacity is partly to blame:
“Gasoline prices will vary widely by region, with the West Coast leading the way at an average of $4.20 for the peak season… Gasoline prices have been rising primarily because crude oil prices are up, but refinery closures in the Northeast are contributing, the Energy Department said.”
Gas prices are expected to, on average, cost about $250 more per family in 2012 than in 2011.