Gas prices expected to significantly increase by summer

Published: Mar. 22, 2021 at 8:19 PM EDT
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BLACKSBURG, Va. (WDBJ) - You might have noticed gas prices have steadily been creeping up over the last week.

Mike Ellerbrock is a professor of agriculture and applied economics at Virginia Tech. He said those numbers might keep going up for a while.

According to Ellerbrock, refineries have been expecting people to start coming out of ‘hibernation’ from COVID, and he says there will be a huge demand for personal and business travel, especially during the summer.

Additionally, the refineries will soon switch to a summer fuel blend that is more expensive to produce. Ellerbrock said we could easily see over three dollars a gallon very soon.

“I think you’re going to see a temporary increase and if we can get to herd immunity it might last, but I think in the fall it’ll slow back down again, prices will come back to normal,” he said.

Ellerbrock said last month’s storms in Texas are also driving up diesel prices for trucks.

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