Get Ready For The Most Expensive Summer Driving Season In Years
If you're like me, you've been watching the price of gas slowly go up over the past several weeks. The current national average is $2.81 a gallon, up from $2.39 just one year ago. And experts say don't expect relief anytime soon.
Energy analysts say that this will be the most expensive driving season since 2014. The culprit? Crude oil prices. They've been on the rise since January and are at the highest levels since 2014. While current prices for oil and gas aren't enough to cripple the economy, they are enough to hamper motorists especially those with lower income levels.
Why the rise in crude prices? The global economy is booming so the demand for oil remains high. Also, U.S. oil supplies are around 1 million barrels lower at the start of the summer driving season than last year. Now, of course, this is nothing new. Gas prices rise every spring as people begin to travel more. And while slightly higher prices might be an inconvenience, it pales in comparison to 2008 when crude topped $130 a barrel and the national average for gasoline was over $4 a gallon.