RHINELANDER, Wis. (WXPR-WSAU) — Low gas prices in the northwoods have started to fade as prices at the pump are pushing past $2.00 a gallon.
Patrick DeHaan is the Senior Petroleum Analyst for the website GasBuddy.com and he says speculation surrounding a meeting between some oil exporting countries is the principal reason for the rise.
DeHaan said, “Venezuala, Russia, the Saudis all chatted about(cutting production). In fact, their scheduled to meet in the next couple of weeks. It’s been an elusive topic. Iran, at least, has said they’re not willing to freeze output.”
According to DeHaan, the rise of a barrel of crude oil past $40 a gallon is driving the rise in price, though lesser reasons include refinery maintenance and the annual switch to costlier and cleaner summer grade gasoline.
The analyst thinks the gas prices in the next term will be 15 to 30 cents higher than they are today.
(Story courtesy of Ken Krall, WXPR.)
