Gasoline prices could see summer spike, with prices at 4-year highs and record demand

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Article courtesy of CNBC via “The Rundown”

Already expected at four-year highs,gasoline prices could be be
especially vulnerable to spikes this summer, with demand at record highs
and refineries running full throttle.

Gasoline prices are expected to peak at a national average of around $3
per gallon by the Fourth of July holiday. But with summer driving season
officially kicking off on Memorial Day about two weeks from now, the
average price of unleaded gas is already at $2.85 a gallon, according to
AAA.

Nineteen states are already above the national average, with nine
averaging above $3 a gallon, and California heading toward $4 per
gallon. Drivers in 25 cities are already paying 70 cents a gallon more
than this time last year, according to GasBuddy.com.

“In recent weeks, we’ve seen 10 million barrels a day of gasoline
production. It continues to run very high. You’re not talking a lot of
breathing room. If there’s a big refinery that goes down in the heat of
the summer driving season, you can still expect a pretty big reaction,”
said Patrick DeHaan, senior energy analyst at GasBuddy.com.

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