Travel Resumes And Gasoline Prices Jump
Americans that are emerging from lockdown with a dire need to travel may need to budget for $3-a-gallon gasoline on their next road trip—something U.S. drivers haven’t experienced since 2014.
Prices at the pump are on the rise, driven higher by oil prices hitting $60 per barrel, a surge of economic optimism, restraint from U.S. frackers and unprecedented production cuts by OPEC and Russia. The national average price of gasoline has climbed 47 straight days to nearly $2.89 per gallon.
“$3 gas will be the norm by Memorial Day,” said Robert Yawger, director of energy futures at Mizuho Securities. “We’ve been trapped inside for over a year. People want to get out of the house.” Read more.
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