How Much Does Gas Cost? Prices Set To Change Across The US Due To Less Oil Production, 'Summer Gasoline'

As temperatures were set to rise across the country, so too were gas prices. A combination of “summer blend” gasoline and a pledge by oil producing nations to cut back on supply will likely lead to an increase in gas prices in the coming months, experts predicted.

In California, prices could rise by as much as 80 cents per gallon, the San Jose Mercury News reported Sunday.

“You’ve been warned,” GasBuddy.com analyst Allison Mac told the Mercury News. “We will probably go up 50 to 80 cents by the very peak of this year. Is it possible that we hit $4 a gallon? It all depends on what OPEC will do when it comes to holding back production, and also refinery issues.”

OPEC, the Organization of Petroleum Exporting Countries, agreed in November to cut production by 1.8 million barrels per day. The agreement was struck after a surplus of oil caused prices to plummet around the world. Slashed production will only amplify rising prices due to the switch to “summer blend” gasoline. Each year during the spring, refineries across the country begin producing a different type of gas, one that burns cleaner and is more difficult to produce, leading to increased costs.

In addition, six California refineries cut production for maintenance and repairs. Experts at the California State Automobile Association and the California Energy Commission agreed prices would increase, though by exactly how much is still unknown.

California drivers won’t be the only ones forking over extra at the pump. Prices in Washington, D.C. were expected to rise in the coming months, as well, with experts citing yet another factor contributing to the cost.

“I think what’s happening here is that we’re seeing demand for gasoline in the United States hit a record high and we’re seeing the cost of oil go up in many, many years,” Phil Flynn, an analyst with the Price Futures group, told D.C. news outlet WTOP.

Though price hikes are likely coming soon, gas prices have remained relatively stable recently, averaging about $2.27 per gallon this week, according to the American Automobile Association. The most expensive gas is in Hawaii, where it cost $3.11 per gallon, followed by California at $2.83 per gallon. Gas is the cheapest in Mississippi, at $2.07 per gallon.