Gas Prices are Likely to See Another Spike

(Undated) — Gas prices briefly pulled back, but another surge could be coming. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, average gasoline prices declined in just six states over the last week, with Indiana experiencing some of the steepest relief after the state temporarily waived both its excise and use taxes on gasoline. De Haan says those declines helped pull the national average lower by roughly eight cents over the last several days after oil prices eased mid-week on optimism that the U.S. and Iran could reach a deal. However, that optimism has since largely unraveled, with talks appearing to stall and President Trump signaling the latest proposal is unacceptable, helping push oil prices higher. He says as a result, many states could see another round of price cycling in the days ahead, potentially sending the national average higher. De Haans says that if geopolitical tensions escalate further, fuel prices could rise even more sharply in the weeks ahead. The current national average is $4.50 a gallon.