Gas Prices Likely to Surge Again as Market Optimism Fades

(Undated) — Gas prices are likely to see another spike ahead of Memorial Day. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, the national average price of gasoline spent much of last week drifting lower after jumping early in the week as oil prices softened on hopes that diplomatic progress between the U.S. and Iran could help ease supply concerns. De Haan says that optimism faded after President Trump’s meeting with China’s Xi Jinping failed to produce a breakthrough on Iran, while renewed warnings toward Tehran have helped push oil prices higher again. He says that with global oil inventories continuing to trend toward historically tight levels, markets remain extremely sensitive to geopolitical developments and potential supply disruptions. As a result, gasoline and diesel prices are likely to remain volatile, and with Memorial Day approaching, any sustained increase in oil prices could begin pushing retail fuel prices higher again in the weeks ahead. The current national average is $4.53 a gallon.