Gas Prices Rise to Seasonal Highs But Expected to Peak by Memorial Day
• Gas prices have risen to 4-month highs, but this is typical for this time of year when demand increases and refineries switch to summer fuel blends.
• Refinery issues earlier this year constricted supply and contributed to price increases, especially in the Midwest. But refinery utilization is rebounding.
• Oil prices have remained relatively tame despite geopolitical tensions, helping limit gas price increases.
• Gas prices are still below year-ago levels and forecasts suggest they may peak by Memorial Day then decline into the fall.
• It would take an exceptional event like expanded Middle East conflicts or major refinery outages to send prices spiking above $4 a gallon.