Energy experts are warning drivers that gas prices could hit three dollars a gallon soon. So why the spike? Let’s Connect the Dots:
The winter storm
There are a few different drivers sending gas prices up — the most immediate is the recent Texas winter storm. Obviously, the Lone Star State is known for its oil refineries, and the wicked weather hit those refineries hard. According to reports, eleven refineries were totally or partially shutdown, taking at least 20 percent of the country’s refining capacity offline.
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COVID numbers down = travel numbers up
Another reason for higher prices is actually good news: more people are getting vaccinated against coronavirus. As more shots go into arms, Americans are itching to hit the road. All that travel will send gas prices back up. Experts also expect to also see a travel surge when and if Americans get another stimulus check.
Annual switch to the summer blend
The last reason is an annual event: the switch over to summertime blends of gas. It usually happens in March. The higher-grade gasoline used during the summer costs more to produce and always bumps up prices at the pump. Both AAA and Gas Buddy warn all these factors could send gas to three dollars a gallon by Memorial Day.