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Will Mideast Tension Drive Gas Prices Higher?

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    GasBuddy.com’s Patrick Dehaan on the outlook for gas prices.

  • Duration 3:36
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Anti gas now oil hit a four month high today now we're seeing gas prices spiked across the country will chaos in the Middle East.

Drive all of this even higher look at that 9831 a barrel -- to hunt is from gas buddy dot com Patrick thanks for coming back on the show.

We think coming gas prices have nowhere to go but up by thank.

Well you know I think there's a lot of danger here of what's going on overseas but if there's any break that we won't catch -- that now summer is over that summer driving season is -- You know we may see oil prices rally is what's going on in the mideast unfolds but it may not necessarily impact -- gasoline which is now going to see.

Weaker demand as we see the weather start -- I don't know I I would like to be true but I am but I kinda hard time believing that I mean right now we're looking at it at the price of created spiking up towards a hundred box.

I mean we CE.

Unrest -- all over the Middle East sort of surrounding the strait of more -- -- main artery.

You know ended 20% of the world's oil comes from this region not to mention that traders the nymex like to get all excited.

About geopolitical jitters so it's very hard for me to believe that we're not gonna see -- will go higher gas prices go with that as.

Well.

Yeah that's right you know -- it is deaths caused some analysts say five dollars a barrel for for oil if something happens now with Iran and and what's going out of the mideast always -- fears that you know something else is going to develop somewhere so it's certainly a situation -- to continue to watch but.

You know well gas prices fall they likely will but it's not going to be much of a break for an American especially if this continues to unfold remedies.

Yeah I -- what about the refinery situation around the country because -- what was causing prices to spike especially in part it's.

Of the midwest and mountain California as well when they were also -- thus we've colleagues here watching the price of crude oil falling.

Yeah that's right now while we had mentioned -- out of the summer driving season but the concern now becomes all these refineries typically do maintenance in the fall months.

Are we going to see some situation developed world the sudden we have production offline for maintenance and -- something overseas happens you know it -- It could certainly ruffle some feathers and now we'll have to see but for now refineries still producing still ramping up production now post Isaac.

And what is your prediction for gas prices over the next month or so what do you think we're gonna see what's the national average downward -- ago.

The national averages of the upper 380s today about 387 I believe it'll start to fall but it'll take several weeks of of solid production by refineries.

Woolsey prices bottom out between Thanksgiving and Christmas anywhere from 345.

Nationally to 3785 so may not be much of a break about a break on the -- And if we did see price is spike as a result of something happening in the Middle East.

I mean what what could that be what's a realistic threat right now I'm in Egypt is obviously.

You know that bats have Libya as well you know I mean these are as to countries that have a big impact on oil production around the world that would immediately.

Stop the flow of oil mostly to Asia but that hasn't knock on affect a lot.

Us.

What you know -- it's really just a best guess I mean we've never seen the situation -- so lot precarious -- we're seeing now that there's a whole lot that could happen you know people are saying 500 bucks a barrel now I certainly don't agree with that but.

We certainly could -- new oil records should something happen in the -- specifically with -- so that that's the concern here.

Is that any situation with the -- whether -- war.

Whether -- situations.

Escalating overseas it could be -- over four dollars a gallon he had that is tricky because we're seeing the rest of the region ignite.

If Iran comes into play that's what we're really in trouble thank you so much -- -- back.

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