Tags: GasBuddy | DeHaan | gas | 3.80

GasBuddy's DeHaan: Gasoline Headed to $3.80 in April

By    |   Tuesday, 25 February 2014 07:35 AM

U.S. regular gasoline prices now average $3.41 a gallon, up 14 cents from a month ago, and Patrick DeHaan, senior petroleum analyst at GasBuddy, thinks they will move higher still.

Experts say rising crude oil prices are largely responsible for the gas prices increase. April crude oil contracts settled at $102.82 a barrel on the Nymex Monday.

"Over the next week, we'll likely see increases again in the national [gas price] average, as oil prices stand . . . $10 a barrel higher than where they were just weeks ago," DeHaan writes on his firm's blog.

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"The gradual increase in the national [gas price] average is expected to stick around until April, when GasBuddy expects it to peak at just over $3.80 per gallon nationally." And in some states the price will probably break $4, DeHaan says.

Gas prices also have been receiving support and will continue to do so in coming weeks from a slowdown in refinery output, experts say. Refiners have begun to conduct annual maintenance for the shift to summer fuels.

"We're in the midst of the refinery maintenance season, as we go through March," Andrew Lipow of Lipow Oil Associates, tells CNBC.

"Some supplies through the East Coast are going to be impacted by local refinery outages. Some are out and combing back at the end of February."

Lipow sees gas prices reaching about $3.70 and then falling around Memorial Day, the traditional beginning of the summer driving season.

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U.S. regular gasoline prices now average $3.41 a gallon, up 14 cents from a month ago, and Patrick DeHaan, senior petroleum analyst at GasBuddy, thinks they will move higher still.
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Tuesday, 25 February 2014 07:35 AM
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