Gas Prices To Reportedly Be Kind To Us This SummerBy: Amanda Crum - April 14, 2014
Gas prices are as unpredictable as an episode of Game Of Thrones, but according to the Department of Energy, they won’t be eating into our wallets this summer when we’re all trying to get to vacation spots.
According to a new report, prices will actually drop over the next several months, from $3.66 per gallon in May to $3.46 per gallon in September and will level out at around $3.57 per gallon during the peak summer months. The drop comes from a drop in the price of Brent crude oil, which is down about $2 per barrel from this time last year. Unfortunately for the West Coast, prices will be highest on that side of the country.
Across the globe, prices rose in the U.K. on Monday ahead of the possibility of a break in supplies by Russia; tensions between the gas exporter and Ukraine have mounted recently and analysts are warning of the advantages of stocking up on Norway supplies.
“If the market is starting to seriously consider a drop in Russian flows later in the summer, it would be ideal to take advantage of Norwegian spare production capacity and inject high volumes of gas into storage now,” an analyst said.
The U.S. and Canada have been huge contributors to global supplies due to production levels being the highest analysts have seen since the 1970’s.
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