April 22, 2019 06:35 PM
Oil prices hit a six-month high on Monday as gas prices continue to climb. One expert says gas prices will continue to rise over the next couple weeks and should peak by Memorial Day.
"It's that time of year when refineries are switching to more expensive, cleaner-burning, summer gasoline," said Patrick DeHaan with GasBuddy.
President Donald Trump's announcement that the U.S. will clamp down on Iranian oil sales could play out at the pump, as well.
"What we are seeing today with the U.S. announcing that it is rescinding waivers to countries that buy oil from Iran certainly could kink the flow of oil coming out of Iran and make prices very expensive. Simply less supply and more demands paints a picture of higher prices," said DeHaan.
Dehaan predicts gas will be more expensive this summer compared to 2016 and 2017, peaking at about $2.85 per gallon.
Updated: April 22, 2019 06:35 PM
Created: April 22, 2019 04:21 PM
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