Experts say expect to pay $4+ for gas soon
ROCHESTER, N.Y. (WHEC) — Buckle up! The pain at the pump isn’t going to ease up anytime soon. The price for a gallon of regular gas is expected to hit and pass the $4 mark in the coming weeks.
Thursday, the Head of Petroleum Analysis at GasBuddy said the price hike is going to happen, and it has to do with more than the Russia-Ukraine crisis unfolding right now.
News10NBC heard from Gas Buddy’s Patrick DeHaan, and he says the demand for gas is likely starting to rebound as temperatures warm up in different parts of the country. The conflict in Eastern Europe has also been on the forefront.
"Americans have already been paying the increases at the pump because this was a well-documented potential," DeHaan said. "It’s been no secret that Russia has been planning this."
Some grim, but expected news from DeHaan for families here at home struggling to deal with prices that continue to rise.
"The impact at the pump could start, and is starting later tonight as stations are paying those higher prices. $4 a gallon that is definitely a possibility for the national average by April, or May," DeHaan said.
He says the current national average is $3.55 per gallon. The Russia and Ukraine conflict is not the only factor that’s pushing both the price of gas, and oil up.
"Motorists across the country are starting to see the switch to summer gasoline. Of course, summer gasoline is more costly mandated by the EPA under the ‘Clean Air Act,’ and so we continue to see that roll out occur," DeHaan said.
One question that he has been getting a lot lately is, "What will it take to get prices to come down again?"
"Either a drop in global demand or increase in global supply. Both of those appear unlikely at least at this point. So for now, Americans will have to dig deeper," DeHaan said.
In fact, DeHaan said a potential drop in gas prices may only range from 10 to 20 cents. He went on to say that prices should not skyrocket beyond $4 and change.
"$6 and $7 prices are very unlikely for nearly the entire population," DeHaan said. "Maybe one, or two stations that goes up to that price for some publicity, but most Americans will not see anywhere near those prices."
DeHaan tells us the record high for the national average is $4.10, set back during the 2008 recession. He believes the current average will break that record in either May or June.