Right now the statewide average price of gasoline is $3.22 a gallon.
Here in Houston, it’s just slightly cheaper at $3.21 a gallon.
But Patrick DeHaan with GasBuddy.com says the outlook for the next few months isn’t good.
“We expect Houston prices to be between $3.95 and $4.25 in late May, around Memorial Day Weekend. Unfortunately, not a great start to the year already, Houston prices today averaging 30 cents higher than just one year ago. And last year prices were quite painful as we approached Memorial Day and this year we’re forecasting it to be even worse.”
You heard that correctly, prices could peak around $4.25 a gallon in Houston by Memorial Day. GasBuddy takes past trends and current factors to make its forecasts, but DeHaan says the numbers are speculative. The economy is one reason for rising prices, but another factor is geopolitical instability.
“There’s a little bit of a concern going on — last year it was Libya, this year it looks like it could be Iran that impacts our prices. And unfortunately, I think Iran is a little bit more of a tense situation than last year and that could be an influence as we approach Spring as well.”
The GasBuddy forecast shows prices peaking over $4 a gallon in most of the top 20 metro markets this year