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Thursday, May 2, 2024

Gas prices slowly increasing: Experts don't expect major jump

Credit: FOX 47 News Michigan
Duration: 01:48s 0 shares 1 views

Gas prices slowly increasing: Experts don't expect major jump
Gas prices slowly increasing: Experts don't expect major jump

Gas prices have been remarkably cheap over the past few weeks, but we're slowly starting to see them increase.

The national average is still only $1.87 a gallon - a 6 cent jump from last week.

WHILE THE PRICE OF GAS HAS BEENREMARKABLY CHEAP THE PAST FEWMONTHS...PRICES ARE BEGINNING TO CLIMBAGAIN.JUST IN THE PAST WEEK..

THENATIONAL AVERAGE CLIMBED SIXCENTS TO A DOLLAR 87 AGALLON.SO HOW MUCH HIGHER WILL THEYGET?LINDSEY BOETSCH HAS THAT ANSWER.NAT OF A CAR GOING BY?TRACK:IF YOU'VE VENTURED OUT OF YOURHOUSE IN THE PAST FEW WEEKS,YOU'VE LIKELY NOTICED HOW CHEAPGASPRICES ARE.

IN FACT, MORE THAN75% OF GAS STATIONS ACROSS THECOUNTRY HAVE GAS FOR LESS THAN$1.99 A GALLON.

AAA SPOKESPERSONJEANETTE CASSELANO SAYS GASPRICES ARE SO LOW RIGHTNOW FOR TWO REASONS.

CRUDE OILPRICES AND DEMAND.SOT:6:43 TYPICALLY CRUDE OIL ANDDEMAND ARE VERY HIGH THIS TIMEOF YEAR.

THOUGH, GIVEN WHAT'SHAPPENING WITH COVID-19 STAY ATHOME RESTRICTIONS ANDLIMITATIONS, BOTH ARE EXTREMELYLOW.TRACK:SHE SAYS CRUDE OIL IS TYPICALLY50-70 DOLLARS A BARREL.

RIGHTNOW, IT'S ABOUT 20.

AND AS THOSEHOME ORDERS ARE LIFTED ANDBUSINESSES START OPENING AGAIN,THERE WILL LIKELY BE AN INCREASEINDEMAND.SOT:5:55 THOSE STATES THAT ARESEEING THE FLUCTUATION ANDINCREASES, THOSE STATES AREMOSTLY STATESWHERE YOU'RE SEEING MOREBUSINESSES OPENING.

SOCIALDISTANCINGRECOMMENDATIONS STILL IN LINE,BUT, MORE BUSINESSES OPENING ANDPEOPLE VENTURING OUT.TRACK:LIKE IN THE GREAT LAKES REGIONAND THE SOUTH AND SOUTHEAST.CASSELANO SAYS THE PRICE OF GASANDHOW FAST IT RISES WILL DEPEND ONDEMAND.

BUT SHE DOESN'T EXPECTTHE PRICES TO MAKE A DRAMATICJUMP.SOT:8:37 IN THE PAST FEW WEEKSTHEY'VE BEEN ABOUT 5 MILLIONBARRELS A DAY.

THIS TIME OF THEYEAR IT'SUSUALLY HIGH 8S, 9 MILLIONBARRELS A DAY AND ONLYINCREASING BECAUSE IT'S SUMMERAND MEMORIAL DAYIS AROUND THE CORNER AND PEOPLEARE GOING TO TAKE THEIR ROADTRIPS.

TRACK:SHE SAYS THE NATIONAL AVERAGE ISSTILL A DOLLAR CHEAPER THAN ITWAS A YEAR AGO, AND SHEDOESN'T EXPECT TO COMPLETELYCLOSE THAT GAP ANY TIME SOON.I'M LINDSEY BOETSCH,REPORTIN

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