That’s how much the average price of a gallon of gas could rise this summer, according to AAA’s latest estimates, reaching as high as $3.33 and giving motorists no relief as oil prices jump higher.
The nationwide average has already surged 39% this year, reaching $3.13 a gallon Tuesday, the highest since 2014. Gas prices are likely to keep going up, with AAA forecasting that we’ll be paying another 10–20 cents per gallon at the pump through the end of August as the price of crude oil, which is used to make gas, soars and demand for gas increases.
Oil prices topped $75 a barrel last week, about $25 more than at the start of the year, and could “very easily” hit $100 a barrel or potentially even higher, former U.S. Energy Secretary Dan Brouillette told CNBC this week. He also said, however, that there could be a collapse of oil prices.
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