It’s not a grinch that’s causing you to feel a pinch in your wallet when you pull up to fill up at the gas pump.
Prices continued to climb over the long Christmas Weekend–and look to continue doing so as we approach the New Year.
“They are still rising, and that’s largely due to the fact that crude oil prices are still rising” Gregg Laskoski with Gasbuddy.com told KTSA News, adding “In San Antonio, we’re seeing gasoline prices up almost four-cents per gallon over where we were a week ago.”
At the root of the continuing climb is OPEC’s decision late last month to cut production starting in January.
“That’s adding momentum where I can’t say we fully expected it… generally, the week between Christmas and New Year’s is usually one with very low (crude) trading volume” Laskoski said.
While crude prices continue to climb, Laskoski said gasoline supply remains very healthy–which may help lead to something of a “flattening out” of pump prices after the New Year begins.
“Most of the folks watching these (supply) numbers don’t expect any re-balancing until the second half of 2017” Laskoski said.