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Gas Prices Are Rising Across The Country

March 19, 2019 - 3:39 pm
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NEW YORK (WCBS 880) — Gas prices are on the rise once again.

Over the last month, gas prices have increased around 25 cents per gallon, but Tom Kloza, the chief oil analyst at the Oil Price Information Service, says it shouldn’t be too much too worry about.

“This is typically we see a movie we see every year when there’s spring training for baseball and when hopes are springing eternal,” Kloza said. “We’ve got kind of an oddity today, we've got the price nationally at $2.5580, which is precisely where was one year ago.”

He says the prices should go higher but adds, “I don't think we're going to get as far as we did last May or Memorial Day.”

The recent increase is most likely caused by the fact that crude oil prices are up about $13 per barrel, according to Kloza, but there could be a number of other factors affecting rise.

“I think OPEC did show some discipline, which is pretty rare these days that they showed some discipline, and the price of crude bottomed out on Boxing Day and is up about $13 so, you know, the raw cost is up,” Kloza notes. “The other thing that's happening is we’re switching from the winter to the summer grade and we’re starting to see driving pick up again.”

Kloza says it’s “absolutely” the right time of year for gas prices to start going up. He notes that there is usually a correlation between March Madness and gas prices and that the nation usually reaches its highest price at around Cinco de Mayo and Memorial Day.

He does not expect there to be a gasoline shortage in 2019.

“We're not going back to 2011 to 2014 when prices probably averaged $3.40 a gallon,” Kloza said. “It should be another cheap year but perhaps not as cheap as 2016 and 17.”