Gas prices are at lowest in recent memory. When will they go back up?

Gas prices are affected by many factors, but one large factor is supply versus demand. If suppliers decide to limit production*, or if demand for gas rises, the prices will increase. In general, gas is more expensive during the summer travel months** and cheaper in the winter months.

* One example of a production cut occurred in December, 2008. OPEC (Organization of Petroleum Exporting Countries) agreed to reduce their daily production of oil in an effort to place a floor on falling oil prices. Following this cut, the national average of gas prices increased over 50% within several months ($1.60/gallon by the end of 2008 to $2.50/gallon in 2009). Within the next two years, the average price rose by 150% ($4.00/gallon in April of 2011). You can read more about this production cut in this LA Times article: OPEC Agrees to Another Cut in Production

** A few examples of the seasonal price change that happened at the end of February, 2016:

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