Will fast-rising gas prices ever begin to drop?
STATEN ISLAND, N.Y. -- Fueling up has gotten much more expensive in 2021 and, unfortunately for drivers, that trend is expected to continue. Since the start of the year, the national average price for a gallon of gas has risen 40%, from $2.25 on Jan. 1 to $3.14 as of Thursday, July 8, according to AAA. That trend is expected to continue this summer, with AAAs fuel experts estimating that the national average will increase another 10 to 20 cents by the end of August. This steady increase in the coming weeks is expected to push the national average well above $3.25, a price point that hasnt been seen since October 2014. Experts say that the surging national gas price average can be attributed to two factors: a rise in gasoline demand, as Americans plan summer road trips to make up for lost time during the pandemic, and high prices for crude oil, which are soon expected to reach their highest point since November 2014. Robust gasoline demand and more expensive crude oil prices are pushing gas prices higher, said Jeanette McGee, AAA spokesperson. We had hoped that global crude production increases would bring some relief at the pump this month, but weekend OPEC negotiations fell through with no agreement reached. As a result, crude prices are set to surge to a seven year-high.  In New York, the average price for a gallon of gas is currently $3.19, which is 10 cents higher than a month ago, when the average price was $3.09, and 94 cents higher than a year ago, when the average was $2.25. The increase from $2.25 to $3.19 represents a price increase of 41.8% over a one-year span. In New York City, the average price for a gallon of gas is currently $3.28, which is 9 cents higher than a month ago, when the average price was $3.19, and 96 cents higher than a year ago, when the average was $2.32. The increase from $2.32 to $3.28 represents a price increase of 41.4% over a one-year span.