Petroleum analysist warns gas could go up to $4 per gallon by Memorial Day Weekend

Patrick De Haan, the Head of Petroleum Analysis at Gas Buddy, says crippling costs at the pump are partly because of the tensions between Russia and Ukraine, and gas prices aren't expected to come down anytime soon.

News 12 Staff

Feb 22, 2022, 11:37 AM

Updated 824 days ago

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Patrick De Haan, the Head of Petroleum Analysis at Gas Buddy, says crippling costs at the pump are partly because of the tensions between Russia and Ukraine, and gas prices aren't expected to come down anytime soon.
"It represents a risk, a potential risk that Russia could at some point cut oil shipments," De Haan says.
He says we could be paying $4 per gallon by Memorial Day Weekend.
"Even as we wait for Russia, there are wheels turning that will continue to push prices up including the transition to summer gasoline, rising demand and refinery maintenance" he says.
Connecticut Sen. Richard Blumenthal proposed a measure that if passed would suspend the federal gas tax through the end of the year.
However, De Haan says the proposed bill is not a whole lot of relief.
"18.4 cents when gas prices are $3.66 isn't a whole lot of relief. In fact, it could make the problem worse, if you lower costs, it could artificially boost demand," De Haan says.
"There is no magic lever. I think the only thing the president can really do is make a nuclear deal with Iran. But at what price does that come, at what cost?"


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