US Gas Prices Could Eye $4 in Summer as Oil Rally Persists

Published on April 3, 2024

The average cost of gasoline could rise to $4 a gallon this summer, reigniting inflationary pressures and weighing on motorists’ wallets. According to the American Automobile Association (AAA), the national average for a gallon of gasoline has surged about 15 percent year-to-date to $3.53. “Watch out for summer gasoline prices, which some predict may extend above $4 per gallon nationwide and put pressure on inflation,” said Rob Thummel, a senior portfolio manager at Tortoise. Despite gas prices drifting back and forth by a penny for the past week, industry experts warn that the upward movement could reaccelerate. “Gas prices are a lot like seasonal temperatures. They start to rise with the arrival of spring,” said Andrew Gross, a spokesperson for AAA. “Gas prices are settling into a pattern similar to last year when the usual seasonal increase was slow and steady.”...

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