Brexit and Gas Prices

Could what is now a “nudge down” in gas prices at San Antonio pumps soon be a free fall?

In a word–the experts will tell you it all depends on “Brexit.”

“Is this going to be a knee-jerk reaction where later in the week, the crude oil markets will return to that $50 range that we had kind of grown used to” Gasbuddy dot-com’s Will Speer told KTSA News–pointing to the sudden losses in crude caused by Britain’s Brexit vote last week.

In fact, Speer said there are many more questions than answers right now.

“The potential for (the crude oil market) to get worse before it gets better. Especially if more countries start calling for a vote (on leaving the European Union) and it’s more of a chain reaction” Speer said.

If the crude market is slow to recover–if it recovers at all any time soon–Speer said the next hurdle to watch is the Fourth of July Weekend.

“After that weekend’s over, we could really start to see the decline in gas prices due to falling crude prices” Speer said.

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