Gas prices rose to over $4 Tuesday, and are expected to stay high through the weekend.
“I expect stations to have increased prices as much as 10-35 cents per gallon by the conclusion of the weekend,” said Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst.
DeHaan warns that Tropical Storm Isaac, as well as murky regional refining issues, boosted wholesale gasoline prices to their highest level so far this year, rising 7cents per gallon higher than their previous peak back in March. Wholesale gasoline prices, which is the price stations pay for new shipments of gasoline, rose 35cents per gallon Monday, the largest one day increase in a year. While this situation is a significant pinch for motorists, DeHaan says it is temporary.
“I expect the situation to slowly resolve itself over the next few weeks, but as gasoline prices tend to fall slowly, motorists may not have a sense of real relief until late September,” DeHaan said.