'It Could Get Worse Before It Gets Better:' Relief On Gas Prices Not On The Horizon
PITTSBURGH (KDKA) - Hold onto your wallet and get ready for sticker shock the next time you pull up to a gas pump.
The price is rising like a firework over Point State Park.
"This is something happening nationwide, all 50 states, we're seeing prices go up," says Senior Petroleum Analyst at Gasbuddy.com Patrick De Haan. "The national average now 335 A gallon that's the highest since 2014 and we're gonna keep pressing new highs."
De Haan says oil demand is soaring globally. There is an energy crunch overseas where natural gas and coal are booming and "China is basically buying everything it can right now coal, oil, natural gas, and so this fall we aren't getting a break on gas prices like we usually do, we're seeing prices surge."
De Haan also says the prognosis does not look good.
"Right now, it could get worse before it gets better, and we're navigating this and COVID-19 supply chain bottlenecks are all over the place," he explains.
If you are hoping the president steps in and turns this around De Haan says don't.
"OPEC really has some cards that they could play but the U.S. president, you know, short of begging OPEC there's not a whole lot that can be solved," he says.
Meanwhile, the price of gas has long passed the uncomfortable range.
"You know, to cut to the chase here is that there is more risk that prices will go up, or at least stabilize in the weeks ahead and there's basically no chance of prices declining anytime soon," De Haan says.
WATCH: Just How High Will Gas Prices Rise?
So how much more expensive could it get?
"Well, Pittsburgh's $3.47 a gallon today at some another penny overnight and that's up from $3.33 A month ago," Gasbuddy's De Haan says. "We're getting to levels that are uncomfortable and we could easily see prices go up another 10, 20 cents a gallon, potentially by the end of the year."
In fact, many gas stations in the Pittsburgh region went to $3.55 a gallon this week and De Haan says relief may not come until sometime next year.
"This high price of oil today may eventually help production numbers," he says. "Next year, I'm thinking maybe next spring. But for now, we're in a situation that probably will not reverse very quickly."
So as this day begins and you are driving, if you see gas still in the $3.40s a gallon you may want to top off.
With the peak in prices an unknown, topping off on a more regular basis may be advised.
While it may not save you big money on each fill-up, in the long run, it could save you dollars.
