JACKSON, Miss. (WLBT) - No, you’re not going crazy - gas prices really have skyrocketed in the past month.
The price for a gallon of gas in Mississippi has shot up by around 10 cents in the past week and almost 20 cents in the past month.
This follows the national trend as well, where the average price of gas is now 24 cents more expensive than it was in January.
One Democratic senator from Minnesota is even calling for a federal investigation into alleged price gouging in the Midwest following last week’s storm, where she says natural gas prices spiked as high as 100 times their usual levels.
“With last week’s extreme cold shutting down millions of barrels per day in refinery capacity, gas prices have seen their largest weekly climb in quite some time,” said Patrick De Haan, head of petroleum analysis for the tech company GasBuddy.
This weather event, Haan explains, caused many refineries in Texas to shut down because the frigid temperatures threatened to destroy their exposed equipment.
Other reasons for the sudden rise in gas prices include a surge in the cost of crude oil and the expected boost in travel due to the country’s vaccination effort.
Now that the temperatures are beginning to warm back up, price increases at the pump are expected to slow. Haan even says that as refineries get back online, gas prices may even go down in the coming weeks... but don’t expect the prices to stay low for long.
With spring weather returning, you will likely see what Haan calls a “long term rise” in prices as these refineries start to transition to summer gasoline.
“So motorists shouldn’t jump for joy just yet,” Haan states.