Saturday, 20 October, 2018

Gas prices expected to rise

Charlie Simmons | 11 May, 2018, 02:04

"Despite this stability, drivers on the West Coast and in Idaho, Utah and Pennsylvania are paying $3/gallon".

DeHaan did warn prices may spike again depending on what President Trump decides in regards to the Iran Nuclear deal.

Gas prices levelled off this week after an extended rally giving some temporary breathing room at the pump, but analysts worry that politics could play a part in their future.

Gas stations know there will be more weekend travel and might inch up prices, only to drop them after the weekend is over.

According to AAA, gas prices were expected to taper off after Memorial Day.

That's money that Americans aren't spending on other stuff that stimulates the economy. The likely result is another increase in crude oil prices.

$2.27/g in 2017, $2.16/g in 2016, $2.68/g in 2015, $3.50/g in 2014 and $3.41/g in 2013.

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Morgan Stanley found that the bottom fifth of earners spend 8% of their pre-tax income on gasoline. Tensions in the Middle East is always a reason why gas prices increase, and with the US backing out of the deal, that's very much a possibility.

If in the end crude oil remains at $68-$70/bbl, prices will not be that much more expensive this summer than they are now.

If you've filled up your tank recently, you may have noticed that gas prices have continued to rise.

Gas prices in Grand Rapids is down to $2.84/g, which is a 12 cent decrease from last week. The country's May 20 elections are virtually certain to result in the re-election of President Nicolas Maduro and, nearly equally certainly, the imposition by the Trump administration of further sanctions on the country. Global oil supplies were already getting tight before the USA made a decision to bail on the Iran nuclear deal.

Saudi Arabia pledged on Tuesday to "work with major producers within and outside OPEC" to "mitigate the impact" of supply shortages. "We don't have the distribution, so it costs more to get the product here". That arrangement was manufactured in trade for waiving financial sanctions on Iran and onto its oil exports. However, Treasury officials advised nations to immediately cut back imports of Iranian crude.

But the good news is, it doesn't look like the prices will go up much more. He explained the USA will not look like moving forward to disrupt Iranian oil earnings, because the Obama administration had done with importing states.

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