Will gas rise to $5 per gallon or more in MS? Hurricane season may drive up the cost.
The U.S. hit another milestone on Tuesday, reaching a record high $4.59 per gallon of regular gas.
Gas prices along the Mississippi Coast have also reached an all time high, registering $4.18 since last Friday.
According to AAA, “the national average has not fallen for nearly a month” and has set a record almost every day this month.
“Gasoline is $1.05 more than it was on February 24, when Russia invaded Ukraine,” said Andrew Gross, AAA spokesperson. “That sent shock waves through the oil market that have kept oil costs elevated. Domestically, meanwhile, seasonal gas demand is rising as more drivers hit the road, despite the pain they face paying at the pump.”
Adding to the rises caused by higher demand and the conflict in Ukraine, looming fears of a recession have driven up the prices of crude oil and the prices at the pumps. The recent hurricane forecast may also influence prices. The NOAA predicted a 70% chance of 14 to 21 named storms, of which six to 10 could become hurricanes, including three to six major hurricanes.
Gasbuddy’s Patrick De Haan said this year’s hurricane outlook is also taking a toll because the country will have to depend on fewer refineries.
“I think it’s going to be a bumpy ride, but do expect prices to go down,” he said.
Before there is any relief, experts say the gas will continue to rise. Natasha Kaneva, head of commodities research at JPMorgan is calling the upcoming season a “cruel summer.”
“With expectations of strong driving demand … US retail price could surge another 37% by August to a $6.20/gal national average,” said Kaneva.
