EDEN PRAIRIE, Minn. (KMSP) - Prices at the pump may put the brakes on your summer travel. It’s supposed to be the most expensive driving season since 2014.
Over the last few months, the numbers have been creeping up again at the pump. Experts are telling drivers to brace themselves for rising gas prices through at least the summer.
"I drive a full size pickup truck, so gas is always expensive," said Mike McKeever of Carver.
Crude oil prices are at their highest level in more than three years and are expected to climb higher, pushing the cost of gas along with it. Experts say that could result in about $190,000 more per household this year.
“Crude is the key input to the US refinery system—from that we produce gasoline and diesel—crude prices just registered three-year highs within the past two weeks,” said John Tjornehoj, a market analyst.
Tjornehoj is a market analyst for CHS, an agricultural cooperative focusing on global energy, grains and the food business.
“So, primarily it has to do with the supply and demand of the energy space right now,” said Tjornehoj. “We’re certainly seeing a lot of constructive demand—we’re eating into those crude supplies in the US—that’s driving prices higher.”
The national average for regular gasoline is around $2.81 per gallon. That's up from about $2.39 this time last year. It's not as bad in Minnesota, where the average price seems to hover a bit above $2.50 a gallon.
Some drivers say they are minimizing their daily trips to keep their budgets in check.
"The office and home are both within the vicinity of one and a half mile, so that doesn't affect a lot I can say," said Deepak Khatri of Eden Prairie.