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Expert: Gas prices could remain high ‘for the foreseeable future’

(WAOW) — Gas prices are continuing to inch higher, and experts say it’s the result of two things: oil prices and demand as the U.S. recovers from COVID-19.

Patrick De Haan, the  head of petroleum analysis for GasBuddy says that oil prices are up to $71 per barrel, a price that hasn’t been seen since 2018.

“Strong gasoline demand as states and cities reopen will likely continue to be a major factor keeping gas prices elevated even as oil production climbs in the months ahead,” De Haan said. “With most additional supply being gobbled up very quickly, gas prices will likely stay at elevated levels for the foreseeable future.”

This is a change in prediction compared to early spring, when experts believed gas prices would only hover above $3 for a brief period before dropping back down.

According to GasBuddy, Wisconsin drives are paying an average of $2.91/g at the pump. This is an increase of 2.7 cents from the month before and 84.2 cents from this time last year.

 Drivers around the state may pay as little as $2.50/g and as much as $3.29/g at the pumps.

At the national level the average for a gallon of gas remains just above $3, which is up 3.7 cents from last month and 97.7 cents from this time last year.

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Sierra Rehm

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