Gas Price Surge Slows For Now

(Undated) – Gas prices are on the rise but they may have peaked, for now. According to GasBuddy Head of Petroleum Analysis, Patrick De Haan, average prices continued to move up last week thanks to a continued rise in oil and ongoing pressure from hot weather that impacted refineries. However, he says the pace of increases has started to slow down over the last few days, and for now, appears to have hit a peak. De Haan says the respite may not last long with oil remaining under pressure as Saudi Arabia extended its production cut into September. He says in addition there remain unknowns about the hurricane season that will likely become more active in the weeks ahead.