US gas prices increase $1 in 1 month as markets expect $4 per gallon in coming days
As gas demand remains on the rise in the midst of spring break season and crude oil prices rise as hopes the Iran war will draw down decrease, gas prices have steadily risen.
According to the American Automobile Association, the national average price for a gallon of regular gas is up $0.10 from the previous week and up $1 since last month. AAA reports that there was a steep rise from $2.98 on February 26 to $3.98 as of March 26.
AAA said that average gas prices could hit $4 per gallon in the next few days, which would mark the first time since August 2022 that they’ve hit that level.
According to the Energy Information Administration, demand for gas rose last week from 8.72 million barrels per day to 8.92 million. The data also shows that domestic gas supply fell from 244 million barrels to 241.4 million. Meanwhile, gas production grew last week, averaging 9.7 million barrels per day.
Prediction markets show traders pricing in a 61% chance the price of gas could surpass $4 by the end of the month. As AAA projects that gas prices could continue to rise in the next few weeks, markets also imply there’s a 42% and 40% chance gas could finish roughly around $4.02 or $4.04 per gallon, respectively, by March 31.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
AAA said that average gas prices could hit $4 per gallon in the next few days, which would mark the first time since August 2022 that they’ve hit that level.
According to the Energy Information Administration, demand for gas rose last week from 8.72 million barrels per day to 8.92 million. The data also shows that domestic gas supply fell from 244 million barrels to 241.4 million. Meanwhile, gas production grew last week, averaging 9.7 million barrels per day.
Prediction markets show traders pricing in a 61% chance the price of gas could surpass $4 by the end of the month. As AAA projects that gas prices could continue to rise in the next few weeks, markets also imply there’s a 42% and 40% chance gas could finish roughly around $4.02 or $4.04 per gallon, respectively, by March 31.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
