Gas prices will remain 'somewhat stable' for several weeks, industry expert says
National average price for a gallon of regular gasoline is $3.32
The national average price for a gallon of gasoline in the U.S. will remain "somewhat stable" over the next two to four weeks before showing a clear increase as spring nears, according to an industry expert.
Low gasoline demand coupled with the recent market selloff will keep prices from rising too much, barring conflict between Russia and Ukraine, Patrick De Haan, the head of petroleum analysis for GasBuddy, told FOX Business.
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Rows of gasoline pumps are seen at a Conoco gas station, a brand owned by Phillips 66, in Brooklyn, New York, U.S., Nov. 11, 2021. (REUTERS/Andrew Kelly/File Photo / Reuters)
In a blog post Monday, De Haan estimated that "oil will likely remain north of $80 per barrel, with additional volatility" as the world closely watches the situation with Russia and Ukraine.
"Prices could rise even more significantly if there is any further deterioration in the situation," De Haan said in the post.
Although De Haan doesn't project "any immediate fireworks at the pump," he cautioned that the "trend of rising gas prices will likely persist as worries continue to overpower weak global consumption."
Currently, the national average price for a gallon of regular gasoline is $3.32 after increasing continuously for the past four weeks, according to GasBuddy data compiled from price reports covering more than 150,000 gas stations nationwide.
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The national average is 3.3 cents higher compared to a month ago and 92 cents higher than a year ago, according to GasBuddy.
Motorists use gas pumps at a refueling station on May 12, 2021 in Benson, North Carolina. (Getty Images / Getty Images)
De Haan estimated that a clear increase at the pump could "start in very late February or early March," though he doesn't think it will deter Americans from hitting the road.
Previously, GasBuddy estimated that the national average may hit $4 per gallon this spring, "largely due to pandemic recovery and rising demand before relief, or additional oil supply, arrives later in 2022."