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NEXT STOP: $3

AAA: Gas prices are up 22% this year, national average now $2.87/gal.

The good news & bad news about what will likely be the most expensive driving season in years.

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U.S. economic growth has boosted demand for oil which means most consumers should be able to afford to pay more at the pump, BUT wildcards in oil-producing areas may mean higher prices ahead.

“Three dollars is like a small fence. You can get through it, you can get over it. But $4 is like the electric fence in Jurassic Park. There’s no getting over that.”

Patrick DeHaan, GasBuddy analyst
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WHAT’S TO BLAME?

  • Seasonality: Federal & state laws require cleaner, costlier gas.
  • Iran: Reimposing sanctions may constrict supply & while we don’t get our oil from Iran, Econ 101 says less global supply = higher prices.
  • Saudi Arabia: World’s largest oil producer signaled it wants oil prices $80-$100/barrel. Oil just topped $70/bbl, a level not seen since 2014 & up 50% vs. last year.
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Feeling Tapped Out?

Higher gas prices are on track to cost Americans an extra $38B this year, erasing about one-third of the direct benefit from Pres. Trump’s tax cuts, Morgan Stanley estimates.

If gas stays at these levels for the year, it’ll cost the average American household $450 extra.

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It's expected to be the most expensive summer driving season in years -- so what can you do to lessen the pain at the pump? Click to learn the best days of week to buy gas, according to a new study from Gas Buddy.

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