Get ready for gas prices to rise again in the upcoming spring. According to GasBuddy oil analyst Patrick DeHaan, the cost per gallon of fuel could exceed $4.
The analyst said now he’s wondering, when exactly the price spike will occur.
One of the reasons, according to De Haan, could be planned refinery shutdowns. Refineries require quite a serious overhaul. That is the reason why the next couple of weeks will be spent on repairs. So it will subsequently lead to a reduction in a gasoline supply.
De Haan also points to the end of quarantine in China as a catalyst for demand growth.
The analyst stated that after the pandemic getting over, the U.S. has seen a significant level of unmet energy demand. The same is true for China. It is likely to determine the further plan for the next 3–6 weeks.