Prices at the Gas Pump on the Rise – Still Cheaper Than One Year Ago
Memorial Day weekend is almost here and as families prepare for weekend road trips, they're probably expecting higher gas prices. According to Petroleum Analyst Will Spear, gas prices in Montana will almost certainly rise to meet those expectations.
"Right now prices are still ticking up in the Montana area, up almost six cents week over week. Now it's sitting at about $2.24. That's slightly below the national average of $2.29," Spear said. "I do expect prices to continue to grow, but the good news for drives is that crude oil prices have finally slowed down."
Rocky Mountain refineries are still not working at 100 percent capacity, but compared to past years, 2016 gas prices will be extremely low.
"Compared to last year, we're actually 31 cents cheaper. But if you look at two years ago, at this time we were closer to $3.40. People tend to have a short-term memory when it comes to gas prices," Spear said. "Although prices have been ticking up, prices are way cheaper than we've seen in the past couple of years."
Spear said the cheaper prices will encourage more people to drive, which will in turn increase demand for gasoline and drive up the price.