Gas Prices Are Going Up, and Probably Won’t Come Down

The Freeze of 2021 hastened an early start to the rise of gas prices, which have been on a slow increase early in the year as commuters resume more normal consumption during the pandemic. Gas prices in the Houston area have increased six cents in the past week.

“Prices are still likely to inch forward this week, and may slow down this weekend as refineries get back online,” says Gas Buddy analyst Patrick DeHahn. “The situation will improve but it will take time.” Refinery outages have reduced national output by about 20%.

Fasten your seat belts. It’s going to get worse. “We may see a little bit of a drop after this is done and over with, but it won’t be substantial,” DeHahn warns. IN March and April, refineries switch to producing the more expensive summer gas blends. There are projections of $3 gallon prices by summer.

“With Covid 19 cases continuing to drop and more states lifting restrictions, it’s likely that gasoline demand will increase, putting more pressure on oil and gas prices to rise,” DeHahn adds.

DeHahn says we can expect to be paying around $2.70 a gallon in days.

photo: Getty Images

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