Gas Prices Spike, Oil Rationing Thought Responsible
Gas prices are the highest they've ever been in the United States since 2014. This comes after the Organization of Petroleum Exporting Countries (OPEC) made the decision to cap U.S. crude oil production. The spike in gas prices makes Jonesboro travelers like Garrett Harlow, who is a student at Arkansas State University, a bit nervous.
"I think it affects college students a lot," says Harlow. "But we've gotta get gas...so I guess we just have to take whatever the prices are."
GasBuddy.com indicates that gas prices are averaging $2.81 a gallon nationwide. However, figures are lower in the Southeast. Some parts of Arkansas have prices for as low as $2.34 a gallon.
Gas prices in Arkansas are below national average, but Arkansans aren't off the hook. Between now and Memorial Day weekend, motorists will likely see an increase in gas prices, as experts expect a 1.3% increase in summer travel this year.
Gas by the gallon is 43 cents more expensive this year, compared to 2017. However Mike Right, who is AAA's VP of Public Relations, says prices will level out.
"Even though demand is going to be picking up after Memorial Day as people do their vacations and travel, and there is much more activity, typically the supply of the product is adequate," states Right. "So we should see some moderation in the prices that we're seeing today in the next couple of weeks."
To save some cents at the pump this summer, Right advises that drivers, make a couple of adjustments.
"Just reducing your speed from 75 mph to 65 mph, you get an 11% improvement in miles per gallon," advises Right. "Just seeing to it that your tires are properly inflated will improve your fuel economy by as much as 4%."
AAA releases its travel predictions for Memorial Day the end of this week.