Gas Prices Forecasted to Rise 14% This Summer

A new report out has forecasters calling for a 14% increase in the national average price per gallon of gas, by this summer.

According to CNN, "Prices at the pump are likely to be 14% higher than last summer — an average of $2.74 per gallon, the US government estimated on Tuesday."

The price of oil has increased "because of efforts by OPEC and Russia. Brent crude, the global benchmark, surged 3.5% on Tuesday to $71.04 a barrel, the highest since late 2014. That's already above the EIA forecast of $63 for this summer, suggesting gas prices could go even higher," says CNN.

Gas prices were at their highest ever in Buffalo in October 2012, where prices averaged $4.07 a gallon, according to New York State.