Prices at the pump could rise even higher in the coming months, experts said.
Gas prices could rise even higher over the coming weeks as the summer travel boom brings more people to the pump, industry analysts told ABC News. The spike in demand coincides with a shortage of crude oil supply amid the Russian invasion of Ukraine, which prompted a widespread industry exit from Russia that has pushed millions of barrels of oil off the market.
Trucks line up to fill their tankers with gas and diesel to deliver to stations at Marathon Refinery, May 24, 2022, in Salt Lake City, Utah.“There has been a widening imbalance between supply and demand,” Patrick De Haan, the head of petroleum analysis at GasBuddy, told ABC News. As people isolated themselves at home, car use and gas consumption plummeted. The average number of daily personal car trips taken by U.S. auto owners fell by 45% in April 2020 compared to the same month the year prior, a. A similar trend affected drivers in many countries across the globe. As worldwide demand fell, the price of oil dropped and producers cut output, De Haan said.
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