National gas price average rises above $3 for the first time since 2014

National

BOSTON, Mass (KLFY) — The national price of gasoline has passed the $3 per gallon mark, according to GasBuddy, the travel and navigation app used by North Americans to save money on gas.

GasBuddy previously predicted that gas prices may escalate past this mark in its 2021 Fuel Outlook released in January of this year.

In a press release GasBuddy states, “while many Americans are pointing fingers, they should be pointing at the same factor GasBuddy mentioned months ago: COVID-19 related recovery is pushing things back to normal and leading to rising gasoline demand.”

The app predicts that summer gas prices will not set records, but settle down to levels similar to 2018, with the national average briefly rising above $3 per gallon but eventually falling back under and remaining in the upper $2 to low $3 range.

GasBuddy also says that if any major refinery issues develop in the summer travel season, gas prices could be majorly impacted, especially if the economy continues to see recovery and the demand for fuel increases.

“While this is not a milestone anyone wants to celebrate, it’s a sign that things are slowly returning to normal,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In this case, rising gas prices are a sign Americans are getting back out into the world — attending baseball games, going to concerts, taking a road trip — basically staying anywhere but at home.”

“This summer may see some blockbuster demand for fuel as well, as Americans find it very challenging to travel internationally, leading many to stay in the confines of U.S. borders, boosting some weeks to potentially record gasoline demand,” De Haan said.

Previous yearly peaks in gas prices and date:

Jan 9, 2020 = $2.60
May 5, 2019 = $2.89
May 27, 2018 = $2.97
Sept 9, 2017 = $2.66
June 12, 2016 = $2.38

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