HUNTSVILLE, Ala. (WHNT) — All drivers are talking about the rise in gas prices.
AAA Alabama is reporting that prices have risen by 24 cents compared to one month ago. The state is now averaging $3.23 per gallon.
“We were right around 2.98-2.99 for 6-8 weeks, something like that,” said Clay Ingram with AAA Alabama. “But over the last month, we’ve seen it jump 24 cents a gallon, just here in Alabama.”
Ingram says the price hike can be blamed by several different factors. One of those being the speculation around a rise in travelers.
Last year, travel was nearing pre-pandemic levels. Now, experts are projecting even more drivers for the upcoming summer travel season.
“The investors around the world are buying up Crude Oil futures in anticipation of that, and that in itself is causing Crude Oil prices to jump up,” said Ingram. When that happens, all gas prices jump.
Another factor of the price hike is simple supply and demand. Ingram says the Russia and Ukraine situation can be a small factor, but has yet to have a major impact.
In the meantime, AAA Alabama is expecting a continued rise in prices come summertime, but our state won’t see anything near $4.00 a gallon.
While our gas prices average around $3.20, Alabama is still lower than the national average. That price is around $3.50.