“Perfect Storm” Drives Gas Prices Higher

(Undated) – A “perfect storm” is driving gas prices higher. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, prices soared over the last week due to heat-related refinery outages at a time when summer gasoline demand peaked and gasoline inventories slid to their lowest July level since 2015. He says in addition, oil prices surged to their highest level in months, rising to over $80 per barrel. De Haan says while motorists have seen average gasoline and diesel prices rise at the fastest pace in over a year, the rise should now start slowing. However, as we get ever closer to the peak of hurricane season, any new issues could easily push the national average over $4 per gallon. The current national average is hovering around $3.77 a gallon.