Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Gas Prices Continue to Spike as Summer Winds Down

Details

  • Description

    Patrick DeHaan of GasBuddy.com on the current uptick in the price at the pump.

  • Duration 3:46
  • Date

Clips

Also in this playlist...

Commodities

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Now back the rising cost of gas here is the question is 360.

A gallon the new normal for regular.

Crashing down from gas buddy dot com is in Chicago this question really goes to the future of gas prices and their recent history.

We've -- I think we've learned to live with 35360.

A dollar gasoline.

Obvious question is is it hit this -- Well you know perhaps for the next few weeks but we do have a bit of a break coming up by a store at the end of summer is near and and fortunately or unfortunately.

For some people.

That time will mean lower gasoline demand the kids get back to school -- starting to switch back from the EPA amended summer gasoline back to winter gasoline so.

It may be the new norm but only for very short time I think prices will drop back to the mid 350 range just in time for October in church -- -- time.

Okay now you're in Chicago that's that you home base that's where you on now I think -- -- -- -- prices virtually in the nation outside of Alaska maybe Hawaii.

But I think is a very high priced but that's not be what why is it was the price on Chicago.

Well I think it's because of president Obama's -- and town and and they can raise surprise us but that's really due to high gasoline taxes and some refining issues.

A guy and what about the rest of the midwest same story is refinery issues is it.

It's really the Great Lakes in the West Coast right now starter both the regions that are are seeing the highest price is the West Coast Oregon Washington California.

And in the Great Lakes Michigan Indiana Ohio Illinois and Wisconsin all seeing it pretty pretty harder -- -- With just pure supply and demand that no refinery issues -- pipeline from nothing like that he was just supply and demand of the global marketplace.

Where should the -- -- gas big.

Well we probably wouldn't be here talking about you know -- three dollar gasoline I would think that'd be in the low to mid three dollar range or worse but.

Unfortunately refinery fires are driving prices more than fundamentals are -- the cheapest gas in the nation.

What Arizona you know you think how crazy this is California seeing -- over four dollars and next door neighbor Arizona.

Three dollars and 33 cents a gallon this morning so perhaps things a little bit backwards there.

That's because of the refinery fire posting the California price and raising anti guests does that -- so by different refineries in Arizona right taking.

Well Arizona actually does get some of its gasoline from Southern California refiners but it's a different blend of gasoline -- the the -- inventories of that type of gasoline.

Aren't as tight so for now.

This is the problem that's that's really hitting Arizona just yeah I just wanna recap you say you that today when the summer driving season is a vote demand will start to fall a little bit.

And we'll get back to more stable price range.

34350.

-- will be the price later in the yeah yeah up.

I think I think -- -- everything except for that -- stable that may be tough but that -- -- study was done this -- kind of -- the uncertainty will be living with us.

I think we'll continue to see volatile volatility in prices probably you know for the rest of are likely -- -- -- as -- three dollar and you hope that the volatility that the you want volatility so the people goal of all gas buddy dot com was achieved in the neighborhood as the you want volatility -- -- I -- my wallet hates volatility but it is sure we do see more people reporting prices when prices are more volatile and is it not true that I have personally have made you a full choose and by appearing on this program -- -- -- -- not.

I don't I don't have the numbers in front of his store but I am wearing a -- -- this morning -- -- well well done in a small business but remember you didn't build that.

Thanks so much indeed Patrick.

Load More