Gas Prices Poised for “Another Jolt” This Week

(Undated) — Gasoline prices are poised for “another jolt” this week. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, we are likely to see sharp increases as last week’s surge in wholesale costs has yet to be fully passed through to consumers. De Haan says in addition, some price-cycling markets could also see another round of increases. As a result, the national average could rise by double digits, potentially reaching the $4.20 to $4.35 per gallon range in the days ahead. He says diesel prices continue to climb and now sit just 25 cents away from a new all-time record. De Haan says recent escalations between the U.S. and Iran have further intensified concerns about prolonged disruptions to global oil flows, keeping markets on edge. He says at this point, the trajectory of fuel prices remains “highly uncertain” and largely contingent on the reopening of the Strait of Hormuz.