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Petroleum expert hopeful that 'worst is behind us' at the pump

Gas
Posted at 2:18 PM, Mar 28, 2022
and last updated 2022-03-28 22:45:16-04

While gas prices are dropping in many parts of the country, much of the West Coast is seeing slight increases.

Oil prices are down about $8 a barrel Monday, helping the national downward trend at the pump. But in California, it's a different story.

According to Patrick De Haan, the head of petroleum analysis at GasBuddy, refinery issues over the past couple of weeks have actually boosted prices further in the state.

“The good news is that those issues are now being dealt with and late last week the wholesale price of gas in California did start to go down, so I'm hopeful that the worst is behind us in terms of increases and potentially by later this week, motorists in California may start to see prices slowly inching down," De Haan said.

He says gas prices will largely depend on the conflict in Ukraine.

As that situation remains fluid, it's hard to predict trends beyond a few weeks.

He says overall, demand is up across the country, so while supply remains low, this could keep prices elevated for some time.