WEST LAFAYETTE, Ind. (WLFI) — Experts said gas prices will rise above $3.00 a gallon for the first time in a few years. Purdue Ag Economist Wally Tyner said the gas prices are affected by crude oil prices.
Oil, which was once at $50 a barrell in November of 2017, is now around $70. Gas prices have gone up naturally because of emission restrictions during the summer as well.
Another contributing factor includes the oil suppliers, like OPEC and Russia. They have limited their supplies, driving demand higher.
Tyner told us what to expect this summer.
"This summer we're going to see gas prices 40-50 cents a gallon higher than we saw last summer," said Tyner. "My forecast is that it's going to range between $2.70 and $3.15."
Prices are expected to top out around $3.15 during the summer months. Tyner said he expects prices to drop again to their normal rates around August.