Market Overview

Gas Prices Rise Again

For the 27th day in succession, gas prices went up overnight, with the beginning of the new week seeing the prices move up another penny.

According to WTSP in Tampa Bay, the national average for a gallon of regular gas is now at $3.767.

Gasbuddy.com is showing similar estimates, with its senior petroleum analyst Patrick DeHaan telling WTSP that, “Gasoline prices have spiked considerably higher in virtually every area over the last two weeks, and while I don't expect the pace of the recent rise in prices to continue for the entire month, a similar jump may again occur closer to April Fool's Day, and it won't be a funny joke, it'll be disgusting reality. The rise in price is so unbelievable that we may have to revise upward our previous gasoline forecast that had called for a national average of between $3.75 to $4.15 by mid-May, as the national average already stands at nearly $3.72/gallon.”

The blame is currently being placed on the ongoing tensions in Iran, with the nation threatening to close the Strait of Hormuz, which sees approximately one fifth of the world's oil supply transported through it.

Posted-In: News Commodities Markets

 

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