The ride up at the gas pump isn’t quite over yet–despite what that calendar on the wall might be screaming at you.
“We know that over the last four years for instance, the national average has decreased by twenty-cents per gallon over those last four Octobers” Gasbuddy dot-com’s Gregg Laskoski told KTSA News after the San Antonio average recorded another one-cent per gallon climb over the last week.
A lot of factors continue to line up just right to push pump prices up higher.
“The refinery output nationwide was at 85.5%–that was the lowest level we’ve seen since January of 2015” Laskoski said, explaining in part why the San Antonio average is again edging closer to that $2 per gallon mark.
Another part of the equation is the upward pressure on the oil market caused by OPEC’s talk of a production cut. Laskoski said that may help keep prices artificially high for this time of year for another month–or more.
“I think that’s very possible” Laskoski said, adding “We may not have that answer until after November 30th (when OPEC meets again).”
In the end though, Laskoski doesn’t expect the higher prices to outrun what is relatively weak demand and a still healthy level of supply.
“There’s no question in our mind that we will see these prices resume the type of decline that we customarily see in the fourth-quarter of every year” Laskoski said.