While there’s a cost that’s passed to consumers when refineries change the gas blend from winter to summer, the main factor for the increase is OPEC.
Gas Buddy.com Senior Petroleum analyst, Patrick DeHann says, OPEC will willingly take the blame.
“69 dollars a barrel Tuesday. 15 months ago they cut oil production, a sizable amount. In fact they cut back so much that increases in U.S production can’t really offset that and that is the cause for the increase in prices. In addtion to those factors, U.S. oil inventories are 20 percent lower compared to this time last year and that translates to 100 million barrels.”
DeHann, a guest on WNPV’s AM Edition says gas prices will likely touch the three dollar mark and possibly more throughout the summer. For prices at the pump in your area, go to GASBUDDY.COM.