SAN DIEGO — Gas prices are on the move again as experts warn of the summer gas demand expected just around the corner.
“The gas price average in San Diego is now $4.90 for a gallon of regular unleaded. That is 3 cents higher than a week ago, it’s 3 cents less than a month ago,” said Doug Shoupe from the Auto Club of Southern California.
Price increases are happening just as the Organization of the Petroleum Exporting Countries (OPEC), the conglomerate of oil producing nations, is cutting oil production, sending prices higher as well.
“They are going to cut back on supply and so when supply is reduced there’s not as much of it out there and that tends to drive up prices,” said Alan Gin from University of San Diego’s Knauss School of Business.
While it sounds like prices are going to soar, signals in the economy are slowing and Gin says U.S. oil producers are pumping more oil than ever into the U.S. market.
“U.S. oil producers are projected to have record oil production and I think that combination then will help in terms of moderating these price increases,” Gin said.
As more people buy electric cars, prices could also drop because of a lack of gas needs. Fuel saving tips include driving the speed limit and making sure your tires are inflated to the right PSI to maximize every drop of sweet light crude.