Crude oil prices have been trending higher over the past few months, resulting in higher gasoline prices.
Geopolitical events have prompted supply disruptions in regions of the globe that have jolted energy
markets. The anticipation of rising demand during the approaching summer months has also levied
additional stress on the markets both domestically and internationally. The average cost for a gallon of
regular grade gasoline nationwide as of April 30th was $2.84, already above the EIAs summer estimate of
$2.74 per gallon.
Sporadic and infrequent occurrences, such as a major storm, can reduce gasoline supplies in parts of the
country leading to short-term price “spikes.” Labor strikes and shortages may also cause production
reductions and supply issues. (Source: U.S. Energy Information Administration)