Here’s something we don’t usually see in early October.
The price at San Antonio gas pumps is climbing –even with fall in full swing.
“We can really point the finger this time around at OPEC” Gasbuddy dot-com’s Patrick DeHaan told KTSA News, pointing to the Cartel’s announcement last week of plans for a production cut.
“It’s really a little bit of a surprise this Autumn that gas prices are spending a little bit more time at these higher summertime levels than we had anticipated” DeHaan said, though clearly skeptical of whether or not OPEC’s plan will really stick in the end.
“Many times OPEC releases these statements, and they get an immediate bounce in the price of oil–which is certainly good for their producing countries” DeHaan said–pointing to OPEC’s long history of not sticking with production plans and quotas.
Meanwhile, DeHaan also said powerful Hurricane Matthew could soon be a big factor in an uncertain market as well–depending on whether or not the storm makes it ashore along the East Coast of the United States.
“Depending on where it lands exactly, it could hit in these areas that have already seen disrupted fuel supply–and it could make the situation much worse” DeHaan said.