Gasoline prices are going up, and they may stay that way for awhile.
Crude oil is now more than 60-dollars a barrel for the first time in a few years. We warned you then that Saudi Arabia flooded the market with a glut of oil to undercut U-S suppliers of oil from shale. The result: U-S oil production is down, and now OPEC has cut production so they can raise the price.
And Patrick Dehann, of gasbuddy.com says there’s another reason: the frigid cold. It affects oil refineries, where nearly all of the equipment is outdoors.
The bottom line: we could get 3-dollar gas soon. Dehann says that should stabilize, and then fall, later in the year.