Gas prices could go up again in spring, not if

57
2
Gas prices could go up again in spring, not if

Get ready for gas prices to go up again in the spring. A gallon of driving fuel could go back above $4, according to GasBuddy petroleum analyst Patrick De Haan.

It's a question of when, not if. "I think something like that could happen in April, maybe sooner," said De Haan.

I think motorists are going to get squeezed more in late February. He said that the next three weeks could be a bit of a mixed bag.

De Haan points to planned breaks in production at refineries as part of the reason for a rise in prices.

We have a lot of refinery turnarounds that are going to start in the next couple of weeks. He said that's going to lead to a reduced amount of gasoline supply.

He points out the end of lockdowns in China, the biggest consumer of energy, as a catalyst for increased demand.

He said that with China reopening, you can't emphasize it enough.

When we opened, the US economy saw a level of pent up demand, said De Haan. The same would apply in China. That is likely to chart our course for the next 3 -- 6 weeks. The average retail gasoline price was $3.41 per gallon a month ago, compared to $3.10 a month ago, according to AAA.

On Wednesday, Brent BZ F crude was trading just above $86 per barrel. West Texas Intermediate CL F was trading just above $80 per barrel.

Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at ines ferre.

Here is the latest financial and business news from Yahoo Finance.

You can download the Yahoo Finance app for iOS or Android.