Gas Prices Will Increase By $52 Billion in 2017

Gas prices drive me nuts! I noticed around the last couple of holidays, they would go up and then drop back down. Now, they have gone up and they may stay there for a while. Groan!

2017 will bring our highest gas prices since 2014. Just how much more? Oh, about $50 billion more than we paid last year. The average price of gas in 2016 was $2.13. It is expected to spike to $2.49 per gallon this year. YIKES! Although the potential for stronger jobs may take the bite out of higher prices, the overall economy could take a hit.

As of this writing, the average price of gas is about $2.35/gallon. A year ago, prices were just below two bucks per gallon. In Kentucky a year ago, regular gas was $1.84 a gallon. The reason for all this inflation, in November, OPEC decided to cut back on oil production and they convinced other oil producers, including Russia, to do the same. Thus, that big road trip may have to be a staycation. Gas prices will be the most expensive in May.

To see current prices and to search for your location, check this out.