Press play to hear what a Syracuse University professor has to say about the expected hike of gas prices.
Audio Transcript: Gas price increase transcript
By Luc Sigaud SYRACUSE, N.Y. (NCC NEWS) — Gas prices are slated to increase across the country after three straight weeks of falling costs at the pump, according to AAA. Even though the average price of gas has fallen ten cents in the last month in the Syracuse metropolitan area, increases as significant as 40 cents in the spring could soon hit local drivers.
“2018 has seen fluctuating crude oil prices, strong gasoline demand and new U.S. oil production records creating a volatile gas price market from month to month for consumers,” said Jeanette Casselano, AAA’s Director of External Communications, in a statement released on the association’s website.
Crude oil, now at about $60 a barrel, is subject to market price changes like any other commodity. Oil reached over $100 per barrel during the worst of the recession, so it’s important to keep this price bump in context, according to Donald Dutkowsky, a professor of economics at the Maxwell school at Syracuse University.
“The price of crude oil hasn’t increased that much,” Dutkowsky said. “Crude oil is subject to volatility in its price and it seems to be nudging upward now. There’s been quite a period of time where the price of crude oil was anywhere between $80 and $110 a barrel, so $60 is not bad at all.”
The average price of gas in the country is $2.53 today, and Syracuse is 11 cents higher. New York State as a whole averages $2.71 per gallon, that ranks ninth in the country.
AAA has a few tips for saving money on gas, one of which is to drive slower. Every five miles per hour over 50 is like spending an additional 18 cents per gallon, according to the Department of Energy. AAA also recommends keeping your car as light as possible, since a heavier car uses more fuel.