GasBuddy: Pump prices likely to go up over the next week

Gas prices are likely to go up over the next week, so it may not be a bad idea for you to fill up your gas tank as soon as possible.

“We did see some stations move their prices up yesterday (Monday). Some stations have gone up to $1.99 and some are $2.09. That’s why if you see a station that has prices below $1.80, you may want to fill your tank,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Oil prices have been hovering around the $43 per barrel mark, which is the highest it has been in months. Pfizer, Moderna, and AstraZeneca are all reporting success with their coronavirus vaccine. DeHaan believes that recent news will make gas prices go up, but any increase in gas prices will be “fairly tame.”

“It is only likely that with more good news from vaccine makers that it’s going to push us closer to the realization that we may get back to normal. But remember, we’re talking about oil prices that are about $20 per barrel than they were about a year ago. The gas price average in Indianapolis, for example, was $2.52 a year ago. Now it’s $1.90. We won’t get back to that $2.52 mark, but I think we will get over that $2 per gallon threshold,” said DeHaan.

This year’s Thanksgiving gas prices are the lowest they’ve been in five years. GasBuddy conducted a survey that DeHaan says backs up those numbers.

“Just a third of Americans are saying to us they are going to hit the road this Thanksgiving. That’s far lower than any year we’ve done our survey before,” said DeHaan.

DeHaan said this is one of the toughest years to predict the direction of gas prices.

“When we talk about a vaccine, the timing, coronavirus, etc, it’s all anyone’s best guess,” said DeHaan.

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