COLDWATER, MI (WTVB) – As expected, gas prices spiked by 20 cents around Coldwater again on Tuesday with some stations selling gas for as high as $4.79 a gallon.
Patrick De Haan from GasBuddy said before Tuesday’s price increase that the nation’s average gas price has gone up for the sixth straight week.
He indicated there is no relief in sight for beleaguered drivers at the pump.
De Haan said in his report posted Tuesday at gasbuddy.com, “After several weeks of soaring gas prices, last week saw prices nationally slow down ahead of Memorial Day, but I’m afraid the good news ends there. While gasoline demand has been seasonally soft, the large decline in refining capacity over the last few years has meant that refiners are struggling to produce even lower amounts of refined products. This has led inventories to struggle to see any gains, boosting concern that they won’t be able to catch up. Coupled with continued talk that the EU is still working on sanctioning Russian oil, even though Hungary is a hold out, oil markets are quite on edge. As a result of the continued decline in gasoline inventories in recent weeks, wholesale gas prices surged last week, which will likely boost prices at the pump in short order.”
He says odds are rising that we’ll eventually see the national average reach $5 per gallon.
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