Gas Prices Going Up in the Spring

Photo courtesy of Crazy Eddie's Motie News

Even as our oil prices have seen a steady decline in the recent years, which has been very nice to the economy, we are expecting a spike in prices this spring. This is surprising since our oil production is the highest it has been since 1970. We are producing 10 million barrels of oil a day, almost double what we were producing a decade ago. The reason for the rise in prices is not dependent on what we as a country, but rather what the rest of the world is doing with their production levels. For example, the supply and demand in the United States is up, but for the rest of the world it is down, causing the rise in price. The prices are right around $2.40 right now, and are expected to go all the way up to $3 during spring time. Enjoy filling up for cheap prices now, because it won’t last for long!