Naypong / Depositphotos.com
Gas prices, recently at a four-year low before Memorial Day, may soon surge due to escalating tensions between Israel and Iran. GasBuddy Petroleum Analyst Patrick DeHaan says for now, gas prices are in a solid upward trend for the next few weeks..
“How much more or how long they could go up really contingent on the developing situation. Will the U.S. get involved in Iran? That could push gas prices up more substantially.”
Diesel prices are going up more than gasoline prices. DeHaan says the reason for that is diesel inventory is nearly 20-percent below the 20-year average.
“So, diesel prices are likely to jump by a total of 15 to 40 cents from this situation where as gasoline may rise 10 to 20 cents.”
DeHaan says gas prices are still cheaper than they were a year ago, but expect gas to continue to climb as we head into the summer months.
“I do not think like I said, for now, that we will not hit $3. No record-setting prices anticipated yet.”
Comments