Analyst: Brace for $3/gallon gas nationwide

Analyst: Brace for $3/gallon gas nationwide
As of Monday morning, May 3, the nationwide national average for regular unleaded gasoline was $2.89 per gallon, which is not much higher from last week. It was only up .07 cents. (Source: kauz)

(KFVS) - One gasoline analyst is advising Americans to brace for $3 per gallon gasoline prices nationwide in the weeks to come.

According to GasBuddy, demand for fuel remains strong as more Americans hit the road to travel.

“Last week saw the national average hit its highest level in two years, and with continued recovery in gasoline demand, the increase in price is likely to continue into the future,” stated Head of Petroleum Analysis for GasBuddy Patrick De Haan.

As of Monday morning, May 3, the nationwide national average for regular unleaded gasoline was $2.89 per gallon, which is not much higher from last week. It was only up .07 cents.

Prices were minimally up at 1.8 cents compared to this time last month and up 113 cents from a year ago.

Even though prices have been slowly ticking higher, analysists believe the pandemic will continue to have the greatest influence on how high prices will reach.

“Americans may now want to brace themselves for the possibility of a $3/gal national average in the weeks ahead, as demand remains strong as Americans take to the roads,” said Haan. “The question going forward is how much demand will continue to recover and rise- will it lead to record summer gasoline demand? We indeed may see some weeks with new records as Americans get in their cars this summer- but the question is how many will do so? That will determine how much higher prices will go.”

The following chart shows average fuel prices per gallon in Missouri, Illinois, Kentucky and Tennessee:

State Average price 5/3 Last week’s average Last month’s average Price average last year
Illinois $3.185/gallon $3.025 (up 16.0 cents) $3.028 (up 15.7 cents) $1.784 (up 140.1 cents)
Kentucky $2.732/gallon $2.688 (up 4.4 cents) $2.692 (up 4.0 cents) $1.464 (up 126.8 cents)
Missouri $2.683/gallon $2.668 (up 1.5 cents) $2.647 (up 3.6 cents) $1.380 (up 130.3 cents)
Tennessee $2.687/gallon $2.661 (up 2.6 cents) $2.675 (up 1.2 cents) $1.500 (up 118.7 cents)

Copyright 2021 KFVS. All rights reserved.