Experts predict $3 a Gallon Gas Prices in 2017

We’ve all been enjoying some relatively low gas prices for about a year now, especially when you compare prices to 2011 through 2014. Experts are saying we should expect to see a considerable price increase in 2017. In fact, they expect gas prices to reach around $3 a gallon at some point during the year.

If prices do spike to around $3 a gallon, this is likely to hit many American consumers pretty hard. Drivers who own a fuel-efficient car will see the lowest impact of course. Researchers at the University of Michigan Transportation Research Institute say they will probably see an increase of about $380 over the year if they drive around 12,000 miles a year.

Because of the lower gas prices we’ve been enjoying for so long,  many drivers made the decision to trade out of their fuel-efficient models and purchased SUVs and trucks that don’t get nearly as good of gas mileage. Many of these drivers will begin seeing a substantial hit on their gas budget as gas prices climb.

Luckily, experts say that they don’t expect prices to go higher than $3 a gallon in 2017 due to the massive inventory of gas produced by North America and OPEC countries, which will play a factor in these numbers.