Gas jumps $0.60 in under two weeks, hitting $3.60 as the market braces for possible $4 a gallon
Spring is just around the corner and gas prices just keep getting higher.
The national average for a gallon of regular gas is currently at $3.598, according to the American Automobile Association, jumping nearly $0.35 since last week.
The most recent prices are similar to the spring of 2024, while this is the first time it has gone above the $3.50 threshold since July 29, 2024.
While gas prices tend to increase during the warmer months, crude oil prices have played a major part in what consumers have been paying, at times exceeding $100 per barrel in the past few days.
To offset the rising energy costs due to the conflict in the Middle East, the US Department of Energy announced it would release 172 million barrels of oil from strategic reserves over the next four months as part of the larger effort to release 400 million oil barrels.
Prediction markets are pricing in an implied 62% chance that the price of gas exceeds $4.00 by the end of the month. Things may get even more expensive, though; markets are pricing in roughly even chances that gas finishes above $4.10, and even a 22% chance gasoline averages $4.50 per gallon by March 31.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
While gas prices tend to increase during the warmer months, crude oil prices have played a major part in what consumers have been paying, at times exceeding $100 per barrel in the past few days.
To offset the rising energy costs due to the conflict in the Middle East, the US Department of Energy announced it would release 172 million barrels of oil from strategic reserves over the next four months as part of the larger effort to release 400 million oil barrels.
Prediction markets are pricing in an implied 62% chance that the price of gas exceeds $4.00 by the end of the month. Things may get even more expensive, though; markets are pricing in roughly even chances that gas finishes above $4.10, and even a 22% chance gasoline averages $4.50 per gallon by March 31.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
