GasBuddy: Cold weather stunts price spike for now

Image by IADE-Michoko from Pixabay

With the winter storm started, GasBuddy urges you to not delay in filling up your gas tank, even though prices at the pump will remain high.

“There’s not going to be a whole lot of winning that you can have right now. If you need gas, it may not be a bad idea to just fill up or top off your tank,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

DeHaan says the cold weather is actually helping prices be lower than they could be.

“A lot of big cities are going to get hit by this storm in the Midwest, which means people are going to stay closer to home as a result. So if anything, there is going to be less demand,” said DeHaan.

Even though demand is low, the tension between Russia and Ukraine as well as other places in the Middle East is keeping prices high.

“Instability in Russia, if they do invade Ukraine, is the name of the game. Oil prices are reacting to the possibility of there being a lot of instability if that happens and Russia could limit oil exports if the U.S. responds in a way it doesn’t like,” said DeHaan.

Oil prices have been hovering around $90 per barrel. That is the highest they have been since 2014.

Gas prices went up in Michigan on Monday, which indicates something you may not want to hear if you live in Indiana.

“Generally when Michigan goes up, Indiana is not far behind,” said DeHaan.

Many stations in Michigan bumped up prices to $3.39. GasBuddy says the average price for gas in Indiana is $3.25.

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