There was a big spike in gas prices overnight. According to Gasbuddy,com gas prices are about a dime higher than yesterday as the statewide average is at $2.65. Gasbuddy petroleum analyst Patrick DeHaan does not expect the prices will continue to skyrocket.
“Once prices go up in those price cycling states, they will start to trickle back down in the days ahead by a few cents a gallon every day,” DeHaan explained.
DeHaan is more concerned about diesel prices, which has seen even a greater increase, because the supply of diesel is tighter than regular gasoline.
“For diesel consumers, truckers, you’re going to see more of an impact. The price of diesel may rise anywhere from 25 to 50 cents over the next week or two. And that is going to really be an additional cost for the U.S. economy,” DeHaan said.
According to gasbuddy.com, the national average price for a gallon of diesel shot up to $3.86.
DeHaan says there are two factors that led to the sudden increase in gasoline. The conflict with Iran and the seasonal change from winter grade gasoline to summer. He’s optimistic prices will peak soon and then come back down slowly.
“Prices will start to trickle lower. They may do so on a little bit slower basis. Those convenience stores may be telling their stations not to roll prices down quickly, in light of the situation and uncertainty in Iran,” DeHaan said.
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