Drivers can expect to spend more at the pump this summer.
Frederick, MD – Higher demand, tropical storms, and tensions in the Middle East have resulted in gas price hikes predicted in the coming weeks.
Up 8 cents nationally since the beginning of July, gas prices have risen to a national average of $2.77 a gallon and $2.70 average in Maryland.
AAA Mid-Atlantic Public and Government Affairs Manager Ragina Ali said the rising prices can be attributed to a variety of factors including conflict with Iran.
“The market is continuing to worry about tensions in the middle east,” Alli said. “We could see a restriction in global oil supply.”
Almost 50% of the U.S.’ oil production and processing was also disrupted last week with Tropical Storm Barry hitting the Gulf of Mexico causing severe flooding throughout the area.
Ali said the storm has since passed, but hurricane season could still negatively affect gas prices if storms continue to disrupt oil production throughout the year.
“We will be seeing crude production resume in the gulf of Mexico,” Alli said. “As a result however, crude stocks may tighten in the region for a bit and could also cause prices to increase modestly.”
Alli recommended that drivers utilize AAA resources to ensure they are getting the best fuel prices available this summer: aaa.com/fuelfinder to find low prices in the area and gasprices.aaa.com/aaa-gas-cost-calculator to budget out your gas for road trips.
By Timothy Young