We’ve had it pretty good over the last few years with the cost of gasoline. SUV and truck sales are through the roof, and people are traveling by car more than ever. Unfortunately, gas prices are very unpredictable and, according to GasBuddy.com, this year may bring the highest gas prices since 2014.
Their prediction calls for a 19 cent increase which would bring the national average to $2.57 per gallon. Although they don’t predict any record-setting prices this year, they do warn that some large metro areas like Chicago, New York, LA and San Francisco could see the cost of a gallon of gasoline rise to about $3.00.
Although many factors contribute to fuel costs, GasBuddy says OPEC is largely to blame for the increase. Because OPEC cut oil production, we now have 50 million barrels less than we had at the beginning of 2017.
Although this will add some 25 billion more dollars to what folks spend on gas nationwide, this only equates to an increase of $133 per month for each American household.
We probably won’t see a huge drop in the number of gigantic SUVs cruising around, but with all the uncertainty in the world, it may be wise to keep that little four-cylinder beater for a little while longer.