Gas Prices Reach Highest Point Since Halloween

March 19, 2024

Gas prices are going to keep going up.

President of Lipow Oil Associates, Andy Lipow. On Monday, the national average price for regular price hit $3.47 – the highest since Halloween and up two cents from this time last year.

Why It Matters: Experts expect gas prices to continually increase over the next few weeks and months. In February, gas prices were a main contributor to the increase in inflation. However, CNN explains, “the good news is that analysts are not forecasting a spike in gas prices like the one that drove the national average above $5 a gallon in mid-2022.”

Context: Gas prices typically increase in late winter as refineries temporarily shut down and transition to pricier summer fuel. Additionally, people begin driving more as the weather warms up, causing gas prices to routinely rise with increased demand. This year specifically, however, extreme cold weather has caused refinery outages, also leading to price increases. The Russia-Ukraine war has also impacted global oil patterns.

Read More: Surging gas prices just hit a significant milestone (CNN)

by Emily Hooker, based in Texas