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US average for gasoline seen peaking at $3 a gallon in May

January 2, 2019

A price-tracking service says the national average for gasoline will surge to about $3 a gallon by May before easing the rest of 2019.

GasBuddy predicted Wednesday that the full-year average price will settle at $2.70 a gallon, about 3 cents lower than 2018.

The U.S. average is about $2.22 a gallon now, down 70 cents from three months ago due to lower oil prices.

GasBuddy predicts prices will rise this spring as OPEC cuts oil production and the U.S. economy remains strong, generating demand for gasoline.

Oil prices climbed Wednesday. Benchmark U.S. crude rose 2.5 percent to $46.56 a barrel in afternoon trading in New York. International Brent crude was up 2.2 percent to $55 a barrel in London.

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