Gas prices in the Northwoods have been tickling $3.00 a gallon but an expert says we've likely hit our peak for awhile.
Senior Petroleum analyst for the website gasbuddy.com , Patrick DeHaan, says the pace of increases has slowed across Wisconsin...
"...The statewide average coming in at $2.85 per gallon. That is the highest from the last six months, but the good news is the statewide average is up only eight-tenths of a penny in the last week. The increases are starting to slow. Gas prices in Rhinelander a little higher than average, they're about $2.86-$2.87...."
DeHaan thinks this could be the peak for awhile. He says that could change if there are refinery issues going forward, but for now that sector is stable. But one factor affecting our prices is the situation in the Middle East...
"...OPEC is still very closely balancing supply and demand. Last week, President Trump again called on OPEC to increase production. Partially due to the fact that President Trump is canceling waivers for Iran's crude oil which is effectively going to halt the flow of crude oil out of Iran. It will impact oil markets and that is why President Trump called on OPEC to increase production. They have not acted yet, but oil prices are off their high(prices)..."
Gas prices follow crude oil prices and DeHaan says crude prices have been holding at about $62 dollars a barrel. He says gasoline inventories went up slightly last week. He says, to make a baseball analogy, that we're in the 8th or 9th inning of gas price increases.
DeHaan says where we are now is likely to be the high price for the warm weather months..
