Yahoo Finance Gas Prices May Soar to $4 by Summer 2024 — 5 Cities Hit Hardest by Accelerated Hikes and How To Prepare
If you’re planning a summer road trip, you may want to leave a little more money in your budget than expected for fuel at the pump. Gas prices have already begun to crawl up in advance of Spring Break, and experts say they could hit $4 by May.
Check Out: 10 Expenses Most Likely To Drain Your Checking Account Each Month
Read Next: 5 Genius Things All Wealthy People Do With Their Money
Going into Easter weekend, gas will cost drivers across the country an average of $3.54 per gallon, up from $3.32 a month ago. At this time last year, gas cost nearly 10 cents a gallon less, at $3.46.
Sponsored: Credit card debt keeping you up at night? Find out if you can reduce your debt with these 3 steps
Why Gas Prices Are Rising
Several factors could cause gas prices to continue rising. Earlier this month, Russia announced it would take nearly 500,000 barrels of oil production offline by June, leaving just nine million barrels a day, according to The Wall Street Journal. This raised crude oil prices 3% this month.
Many refineries in the U.S. have stopped production for maintenance following storms in the Midwest and along the Gulf Coast.
Learn More: 6 Things Minimalists Never Buy — and You Shouldn’t Either
Cities Hit Hardest By Rising Gas Prices
Cities in the Midwest and Western states look to be hit hardest by rising fuel prices, the Wall Street Journal reported.
Salt Lake City, Utah
Gas prices increased by 65 cents, up to $3.77 since February.
St. Louis, Missouri
St. Louis residents are paying roughly 51 cents more now than they did this winter, up to $3.45 per gallon.
Chicago, Illinois
Prices for fuel at the pump already exceeded $4 a gallon in Chicago, with drivers in the Windy City paying $4.08, a jump of 48 cents.
San Diego, California
Drivers in California are accustomed to high gas prices, but prices in San Diego rose 21 cents in the past month, up to $5.02 per gallon, The San Diego Tribune reported.
Los Angeles, California
Neighboring L.A. drivers are paying $5.03 per gallon, with some drivers in North Hollywood paying more than $6 per gallon — well over the state’s average of $5.04 per gallon.
Stay Ahead of High Gas Prices with the Right Road Trip Prep
You don’t have to let high gas prices quash your road trip dreams, however. Use an app like Gas Buddy to find, and map out, stations with the cheapest gas prices on the way to your destination. Take advantage of loyalty club perks and savings, too.
Before you embark, invest in a tune-up for your car to ensure the best gas mileage. Make sure your tires are properly inflated and in good condition. Taking these steps can help make your journey safer as well as more affordable.
More From GOBankingRates
This is One of the Best Ways to Boost Your Retirement Savings in 2024
6 Things You Should Never Do With Your Tax Refund (Do This Instead)
This article originally appeared on GOBankingRates.com: Gas Prices May Soar to $4 by Summer 2024 — 5 Cities Hit Hardest by Accelerated Hikes and How To Prepare
