Gas prices predicted to increase this spring

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Gas prices predicted to increase this spring

Understanding the variations in gas prices is never predictable. An increase in crude oil prices, however, will always play a role.
"The price of crude is determined at a world market so the price of crude has a lot to do with what's going on not only here but in China, India and other places of the world," associate professor of economics at Texas Tech University Michael Noel said.

"We get price changes daily. It may go down for a few days in a row and then it may switch and go up. Right now, it's on the upspring," Bolton Oil co-owner Charles Bolton said. "We never know from one day to the next what to expect."

Paying more at the pump in March is inevitable. Lubbock has seen a nine-cent jump in the past week.

"At this time every year, refineries need to switch over from winter blend to summer blend gasoline," Noel explained. "Summer blend is a little more expensive to make. During the transition, they have to slow down production and that causes a spike in prices. Predicting gasoline prices is a tricky business, but I can tell you now that in the last 11 days, the price of crude has gone up by about $6, so there's already a 15 cent increase in the price of gasoline above what we have today that's already baked into the price. It will be a few weeks and you'll see that come through."

Gas Buddy predicts the price of gas in Lubbock will be at $1.80-$1.90 by late spring and hold steady through the summer.

With spring break travel approaching, drivers will save a few bucks filling up in Lubbock. 

"Lubbock, predominantly over the last several years, has had some of the cheapest prices in the state. Over the last year, I think we've been one of the lowest in the country," Bolton said.

"Compared to other places, Lubbock is a very good place for a consumer to buy gasoline," Noel added.

Despite the season change and rise in crude oil prices, there are still ways to save. 

"Make sure your tires are full, make sure your car is in good working condition," Noel said.

"Your air filters being clean and not dirty will help your fuel mileage, engine being tuned up properly does make a difference," Bolton advised.    

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