(December 29, 2021) The falling trend in retail gasoline prices has likely hit bottom and drivers should expect a fresh run of higher prices before seeing relief at the pump again, according to several industry experts, with one predicting a peak as high as $4 per gallon by spring, according to a story Tuesday in the Epoch Times.

National average retail gasoline prices have been in a downward trend since peaking at $3.505 for the week ending Nov. 8, according to the Energy Information Administration (EIA). The week ending Dec. 27 saw the national average fall to $3.375 per gallon, with the agency predicting in early December that prices would drop to $3.01 per gallon in January and average $2.88 per gallon in 2022.

But GasBuddy head petroleum analyst Patrick De Haan said that the falling trend has reversed.

“With oil back to $76 a barrel, it’s becoming more clear that our month-long run with falling #gasprices is likely coming to an end,” De Haan said in a tweet. “Expect a spike soon in the Great Lakes, which could push the national average up a few cents soon. West Coast could see some increases soon too.”

Separately, De Haan told CNN that his modeling indicates the national average gas price is likely to rise to $3.41 per gallon for all of 2022, with a peak in May that could go as high as $4 before edging down again. “We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon,” De Haan told CNN.

His remarks build on statements he made a day prior when he predicted that an uptick in the price of wholesale gasoline was squeezing profits at stations in several states, “triggering a likely hike soon.”

Source: The Epoch Times