Gas prices could spike as early as next week, forecasts say

Posted at 3:07 PM, Jul 21, 2017

Much of the country has enjoyed some of the lowest gas prices of the year in the past few months. But according to AAA, Americans may want to take that summer road trip sooner rather than later.

The organization reported Friday that they expect the national average price of a gallon of gas to spike in the coming week, with prices continuing to rise between now and Labor Day.

According to AAA, the current national average for a gallon of gasoline is $2.28 — down from an average of $2.50 in April. However, AAA expects that the national average could rise by three or four cents by as soon as next week, with prices continuing to rise for the rest of the summer.

“In spite of industry predictions to the contrary, gas prices this summer are cheaper than at the beginning of the year. However the next few weeks will paint a different picture,” said Jeanette Casselano, AAA spokesperson. “Gas prices will move north of $2.32 as early as next week and continue to increase until Labor Day when they’ll start to dip.”

AAA attributes the lower gas prices to low crude oil prices that are cheaper than forecasters expectations. However, high demand for gas for the remainder of the summer is expected to drive prices closer to $2.50 a gallon.

The good news? Gas prices are expected to fall as winter months approach. AAA expects the average gallon of gas to cost less than $2.25 a gallon for the final six months of 2017.

To read AAA's full report, click here.

Alex Hider is a writer for the E.W. Scripps National Desk. Follow him on Twitter @alexhider.