Experts say gas prices will continue to hit record highs over next few months

 

SOUTH BEND, Ind., --- The Russia-Ukraine crisis along with supply and demand imbalances are still driving record high gas prices across the U.S., and experts said they don’t see relief coming anytime soon.

Local drivers in Michiana already said they feel the pain at the pump.

“They’re definitely biting into the budget you know,” said Michiana driver Jamil Conley. “If you’re living paycheck to paycheck you know that’s one of the expenses you definitely got to account for.

"Experts said record high gas prices topped more than $4.50 across the U.S., nearly $1.50 more than we saw last year during this time.

“Gasoline inventories as reported by the government yesterday fell five million barrels in the last week alone so there is a lot of imbalances between global supply and demand,” said Patrick DeHaan the Head of Petroleum Analysis at Gasbuddy. “The loss of Russia is too significant for any country or OPEC to overcome and that’s why we’re likely to see prices go up.”

Despite the record high prices AAA still predicted one of the busiest Memorial Day travel weekends in three years, with 39.2 million Americans expected to travel and 35 million of them expected to hit the road by car.

“Many people didn’t travel over the last two years due to the pandemic and they’re ready to get out and enjoy a weekend away from home as well taking summer vacations, said AAA spokesperson Molly Hart.

In Indiana, more than 835,000 Hoosiers are predicted to hit the road and most of them behind the wheel.

“As did travel it’s not enough to hold me back from going places. I just look at it as more of an inconvenience then anything,” said Michiana driver James Brunette.

But the record high prices still have some pumping the brakes on holiday plans.

“It seems like every Memorial Day gas prices go up anyway so with the inflation they go up even more so you want to stay a little closer to home maybe not travel so far away,” said Conley.

Prices at the pump are only expected to increase through the rest of the summer, which is why experts sharing tips to help drivers keep more money in their pockets.

“If you’re traveling out of the state be aware of crossing a state line. It could even lead to higher prices or lower prices,” explained DeHaan.

“You can also compare gas prices. You can look at our AAA app and it will show you gas prices in the area and which has the cheaper price,” added Hart.

A full list of all those tips to help you save out on the roads click here.

More information can also be found here.