ATLANTA – Americans are getting ready for the summer travel season, we are confronted with the many reasons why gas prices are higher than they’ve been in years.
The national average for regular unleaded is $2.81 a gallon. That’s the highest it’s been since November of 2014.
The average in Georgia is lower than the national average at $2.72 a gallon. That’s 15-cents higher than a month ago and 47-cents higher than a year ago.
Patrick Dehaan, Senior Petroleum Analyst for GasBuddy.com, says a big reason for our soaring gas prices is OPEC’s reduction in crude oil production. OPEC’s price for crude exports is at a three year high.
At the same time, while the U.S. is producing record amounts of its own crude, the nation is exporting as much as 2-million barrels a day.
As a result, U.S. crude oil inventories are down. The nation has 100 million barrels of crude less than last year. With supply greater than demand, prices rise.
Finally, Dehaan points out, refineries are switching over to the more expensive summer blend of gasoline.
Experts say prices will likely continue to rise through Memorial Day.
