GasBuddy head of petroleum analysis Patrick De Haan explains why California gas prices have spiked while gas prices throughout the country are heading in different directions on ‘Varney & Co.’
GasBuddy head of petroleum analysis Patrick De Haan warned oil refinery shutdowns could drive gas prices back to previous highs in some parts of the country, telling “Varney & Co.” Thursday while Gulf Coast states and parts of the Northeast are seeing a decline, California gas prices are surging once again.
PATRICK DE HAAN: Now some of the problem lies in the fact that refineries normally do maintenance in the fall because demand goes down after the conclusion of the summer driving season. Not only are some refineries down for maintenance for the next month or so but we’re also seeing unexpected issues in both northern and southern California.
Keep in mind those refineries also serve markets like Las Vegas and Phoenix where prices are also going up. Suddenly because of maintenance and unexpected outages, gas prices in California could get close to their previous high watermark, which by the way was $6.46 a gallon in mid-June. We could get close to that on the West Coast, but that does not tell the full tale. Gas prices are moving in different directions depending on where you are in the country.
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GasBuddy head of petroleum analysis Patrick De Haan tells ‘Varney & Co.’ no oil refiners shut down as a result of Hurricane Ian, but many refinery issues persist throughout the country.
