Your Stories Q&A: Have gas prices peaked for the season?

SYRACUSE, N.Y. (WSYR-TV) — You ask, we answer!

Question: Over the past month, gas prices have gone up. Are we at the peak? Will they start to go down?

According to AAA, the average price for a gallon of regular in the Syracuse area is $3.69. That’s up $.20 in a month, but nearly identical to where prices stood this time last year.

Gas analysts will tell you that spring is the time of year we see pump prices rise. Several factors raise prices, including, maintenance at oil refineries, the switch from winter blend gasoline to the more expensive summer blend and more people hit the road, which drives up demand.

AAA predicts a record amount of people will travel for this Memorial Day weekend and said prices likely haven’t reached their peak for the season just yet.

“In a typical year, prices peak around Memorial Day and then taper off by the time summer is in full swing for 4th of July. This year, prices may creep higher as the summer driving season gets underway. The wildcard remains the cost of oil, and unlike last year, there are now two wars – in the Middle East and Ukraine – that could roil the oil market,” AAA said in an email.

The Your Stories Team also asked GasBuddy’s Head of Petroleum Analysis, Patrick De Haan, if gas prices have peaked for the season. He believes prices will start to slowly decline in the Syracuse area and thinks the worst is likely behind us.

“I think we have plateaued for the time being. I do think we will see prices giving up a little bit of ground here as we head into Memorial Day. Prices should settle in Syracuse in the mid $3.00 A gallon range for most of the summer,” he said.

De Haan said barring an active hurricane season or a major disruption in the oil market, prices could dip in the Syracuse area to the low $3.00 a gallon mark later in the summer.

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