Here's why gas prices in Northeast Ohio will be $3 a gallon soon

Here's why gas prices in Northeast Ohio will be $3 a gallon soon
Gas prices are expected to break $3.00 a gallon by Memorial Day. (Source: WOIO)

CLEVELAND, OH (WOIO) - You may have noticed the price at the pump has been rising pretty quickly over the past couple of weeks and according to experts with the average price may break $3 a gallon by Memorial Day.

The current national average is $2.75 and in Ohio the average price is $2.68 according to the gas tracking website.

Prices on the west coast continue to be the highest in the country with some locations in California as high as $3.32 a gallon on average.

The good news, if there is any, is that Patrick DeHaan an analyst with GasBuddy expects prices to drop into the high $2 a gallon for the summer driving season.

Why the increase this time?

DeHaan gives two reasons for the sharp increase and both fall into the supply and demand equation.

First Americans are back on the road earlier than most springs.

"U.S. oil exports remain very high, and gasoline demand last week hit an all-time record high, and we're still a month away from the start of the summer driving season," DeHaan said.

The other problem is that Organization of the Petroleum Exporting Countries (OPEC) has continued to cut its production levels of oil.

OPEC is a collection of 14 oil producing countries in the Middle East and according to DeHaan, "Oil prices are near multi-year highs, driven up recently as OPEC has maintained their production cuts through the end of 2018 even as global demand has soared, leading global inventories to plummet."

With supply being cut because of production and an increase in usage the asking price will continue to rise.

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