U.S. Drivers Warned of Potential $1 Per Gallon Gasoline Spike

September 08, 2023: GasBuddy, a leading provider of fuel price information, has warned that U.S. gasoline prices could spike by $1 per gallon in the coming months. The warning comes as crude oil prices continue to rise, driven by concerns about global supply shortages.

“We’re seeing a perfect storm of factors driving gasoline prices higher,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “These factors include:

• The ongoing war in Ukraine has disrupted global oil supplies.
• Sanctions in Russia have further limited the supply of oil.
• Increased demand for gasoline as the economy recovers from the COVID-19 pandemic.
• Refinery outages have reduced the amount of gasoline that is available.
• DeHaan said that the $1 per gallon spike could happen as soon as August. “If oil prices continue to rise, we could see $5 per gallon gasoline by the end of the year,” he said.

The potential gasoline price spike is a significant concern for U.S. drivers. The average price of gasoline in the United States is currently $4.59 per gallon, according to AAA. A $1 per gallon spike means drivers pay an average of $5.59 per gallon for gasoline.

Drivers can do a few things to prepare for the potential gasoline price spike. These include:

Shop around for the best price: There can be a significant difference in price between gas stations, so it’s essential to shop around.

Consider driving less: Try walking, biking, or taking public transportation instead of driving.

Carpool: If you need to drive, carpooling with friends or family can help you save money on gas.

Drive efficiently: You can do a few things to drive more efficiently, such as avoiding sudden acceleration, braking, and keeping your tires properly inflated.

The potential gasoline price spike is a reminder of the importance of energy independence. The United States needs to reduce its reliance on foreign oil and develop more domestic energy sources. This will help protect consumers from volatile oil prices and ensure that the country has a secure energy supply.