MEMPHIS, Tenn. — Right now, gas prices are soaring across the Mid-South and the country.
This time last year, Memphians were paying about $1.97 for gas. Now, some folks are spending more than $3.10 per gallon.
Patrick De Haan, the head of petroleum analysis with GasBuddy, explained gas prices fall around this time of year because there's normally a decrease in traveling following the months of summer travel.
This year, prices have continued to rise both in Memphis and across the United States because of the post-COVID-19 travel surge.
De Haan said there is a high demand for gas and not enough supply. According to GasBuddy price reports, the national average price of gasoline has risen 2.9 cents per gallon in the last week.
As of Saturday, Arkansas had the lowest price in the country with a statewide average of $3.01 per gallon. Mississippi isn't too far behind as drivers there are paying about $3.03 per gallon. Tennesseans are paying 10 cents more than they were last week, at about $3.15 per gallon for regular gas.
De Hann said gas prices across the country are at a 7-year high.
"There's some bad news for motorists, these high prices will probably stick around through the holidays and potentially longer based on OPEC's oil production," De Haan said.
OPEC and its allies control a third of the world's oil production and regulate the amount of crude oil each country is able to produce, a decision it makes during its monthly meeting. De Haan said on On October 11, it met and decided not to increase the amount of crude oil being produced in November.
"There is more production needed to keep a lid on prices and that's the big question,' Will OPEC increase production at its next meeting, and how quickly will other producers like us and Canada increase production in the months ahead?", De Haan said.
It's difficult to predict exactly how long the high gas prices are going to stick around, but De Haan said there's a very little chance gas will go down by the end of the year.
In fact, he predicts gas prices to inch up to almost 15 cents more than what we are paying now.