Recent production cuts by OPEC are predicted to raise gas prices by 15 to 30 cents, according to energy analyst Patrick De Haan.
De Haan’s prediction, if accurate, will leave gas prices at an estimated $3.95 to $4.10 per gallon, according to U.S. gas averages recorded by AAA. While current gas prices are not directly tied to oil supply on a day-to-day basis, the dwindling gas supply in America will eventually feel a ripple effect as the oil supply continues to be reduced.
The price of gasoline is set to increase to $4 per gallon or more within five months, according to an industry analysis released Tuesday.
The gas price surge is forecasted to take place by Memorial Day in late May, according to the report from GasBuddy, an app that tracks pump prices, and shared with CNN. But the analysis said the average cost of gasoline at pumps nationwide would then fall throughout the summer and fall of 2022, declining below current prices.
“We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon,” Patrick De Haan, the director of petroleum analysis at GasBuddy, told CNN.