“Looking out on the horizon, I really don't see an organized drop in prices. The market is starting to feel explosive.”
Head Petroleum Analyst Patrick De Haan, GasBuddy.com, on higher gas prices.
oct 12, 2021
- In the U.S., gas prices at the pump reflect the highest average price per gallon of gas in 7 years.
- Oil prices (which help predict the future price of gasoline and other petroleum products) recently hit multi-year highs.
- The prices of generally "cheaper" forms of fuel, such as natural gas or coal, have also seen rising prices.
- Why This Matters: High demand for oil, natural gas, coal, and gasoline has impacted energy markets all over the world. This has led to a concern about supply keeping up with demand, and worries about the potential impact of a particularly harsh winter. All of this has resulted in higher prices.