Gas Could Hit $3 Per Gallon By Memorial Day

INDIANA–Gas prices should go down in the near future, but there could be more increases at the pump in the spring and summer.

“As we near spring weather, we’ll likely see another longer-term rise in prices begin as refineries start to transition to summer gasoline, so motorists shouldn’t jump for joy just yet,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.” Prices, however, should go down for the first half of the week. There’s no rush to fill your tank today or tomorrow.”

DeHaan says oil refineries that were shut down in Texas last week because of the cold weather are getting back to their normal operations, which helps the price of gas go down in the short-term.

Some analysts have predicted that gas prices could reach as high as $3 per gallon by Memorial Day.

“That’s in the realm of possibility. It’s more about probability. For us to get $3 per gallon, we would have to see no action from OPEC. They are meeting next week to discuss oil production numbers. There also has been some chatter that Russia and Saudi Arabia are looking to boost oil production. That would keep $3 per gallon at bay, at least for the time being,” said DeHaan.

Gas could get to $3 if no one increases oil production by summer.

GasBuddy said Monday that the average price for gas across Indiana is $2.63, which is an increase of 16 cents from where it was this time last week.