Analyst: Region could see sharp spike in gas prices before weekend
SEATTLE -- The Puget Sound area may see a sharp spike in gas prices just in time for Memorial Day weekend, according to Gasbuddy.com.
"I expect stations to increase prices as much as 10 to 35 cents per gallon by the conclusion of the weekend with some stations starting to raise prices immediately," said Patrick DeHaan, GasBuddy.com's senior petroleum analyst.
DeHann said the wholesale price of gasoline in the Northwest is already at its highest level ever recorded. He added the region will soon see the worst prices in the country due to tight supply.
"You will certainly start to see it by Friday or Friday afternoon," he said.
The price hike will be temporary, however, said DeHann.
"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-June or July," he said, adding relief will arrive once the Cherry Point refinery returns to full production.
Meantime, gasoline prices continue to drop east of the Rockies.
"I expect stations to increase prices as much as 10 to 35 cents per gallon by the conclusion of the weekend with some stations starting to raise prices immediately," said Patrick DeHaan, GasBuddy.com's senior petroleum analyst.
DeHann said the wholesale price of gasoline in the Northwest is already at its highest level ever recorded. He added the region will soon see the worst prices in the country due to tight supply.
"You will certainly start to see it by Friday or Friday afternoon," he said.
The price hike will be temporary, however, said DeHann.
"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-June or July," he said, adding relief will arrive once the Cherry Point refinery returns to full production.
Meantime, gasoline prices continue to drop east of the Rockies.
