Crude Oil Surges, EIA Says Gas Prices Will Too

Brent Crude

Daily June Brent Crude

Look for an average price of $2.74 per gallon across the country - even higher in some areas.

DeHaan said there's also an increase in driving as the winter thaws. He's one of several drivers who talked with our team Friday morning about their concerns with higher prices at the pump.

"Prices can vary as much as 10 cents within a mile or two, so filling up at the right station can make a difference", Sumpter said.

The following are average prices per gallon of regular gasoline by county, as of Thursday, April 12. The Middle Eastern cartel of oil-producing nations, OPEC, made a decision to cut oil production in November 2016, which played a role, said Patrick DeHaan, an analyst with GasBuddy.com.

By the time the summer arrives, DeHaan said, refineries are running at near capacity and "there's a lot of downward pressure on prices".

The sudden surge after a week of relative calm at the pump can be blamed on oil prices surging to almost $67 per barrel, the highest level since 2014, on fears of military action in Syria and trade conflict with China. He's the Head of Petroleum Analysis for gasbuddy.com. OPEC and its allies agreed last November to extend the agreement through the end of this year.

"As markets have seen concern rise of a possible trade war between the USA and China, oil prices have been hit hard, leading gas prices to dramatically slow their recent ascent", Patrick DeHaan, head of petroleum analysis for GasBuddy, said in a news release.

"If they continue to rise like they did a few years back, I think a lot of people will consider going electric", says Clarke.

Locally, average gas prices speak to the same trend.

- Over that 7 year period the latest that they peaked was in early June.

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