Gas Prices Expected to Increase in 2017 - Newschannel 6 Now | Wichita Falls, TX

Gas Prices Expected to Increase in 2017

This time last year gas prices were actually thirty-three cents cheaper. This time last year gas prices were actually thirty-three cents cheaper.

WICHITA FALLS, TX (KAUZ) -- 2017 gas price projections are out and prices are expected to increase throughout the year.

This time last year gas prices were actually thirty-three cents cheaper.

Many pumping gas today said it's just something you can't get past.

“It was recently almost up to five dollars a gallon a few years ago and we still have to buy you know, we can't stop working and we can't stop what we got to do,” said Steve Deatherage.

All across the country prices at the pump are expected to rise from $2.14 a gallon to $2.40 this year. All because of rising crude oil prices, which right now costs over fifty dollars a barrel.

Alex Mills, President of Texas Alliance of Energy Producers sat down with us today to explain the relationship between the two products cost.

“It just makes economic sense, gas prices are going to go up when crude oil prices go up and it's going to go down when crude oil prices go down,” said Mills.

The price of crude oil already hit at 18 month high of $55.25 per barrel.

Industry experts expect the price of oil to gradually rise towards $60 per barrel by the end of the year.

Mills said, the pricing of gas always has many factors other than crude oil such as supply and demand, as well as business competition.

Here in Wichita Falls gas is below the national average at 2.09 per gallon versus $2.38 you're seeing across the rest of the country.

Mills said that could change but you never know whether the price of gas will rise or fall.

The month of May is expected to be most expensive month to take a road trip.

Some experts estimate drivers could spend 50 billion dollars more on gas this year than last year.

Copyright 2017 KAUZ News All Rights Reserved

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