Gas Prices Set To Soar This Spring In North Dakota
She's going to get ugly at the pump in 2022.
Prices are expected to only rise going forward for the first half of this year. According to an article on Yahoo News, the petroleum expert from Gas Buddy has bleak news for motorists in the new year.
Things are lining up for higher gas prices.
GasBuddy's Head of Petroleum Analysis Patrick De Haan says the landscape is prime for surging oil prices. $4.00 plus gas is expected by the Memorial Day holiday. A bad combination of the oil supply trying to play "catch up" because of chain supply issues, that started this past summer and the rising demand globally for oil as the nation and world recovers from COVID-19.
The Omicron variant which initially caused oil prices to tumble seems to be less severe and because of that countries will likely turn back to oil as cases subside. Until supply chain issues catch up later this year, you can expect a steady uptick in prices at the pump. The national average could eclipse that $4.00 a gallon mark as oil prices continue to rally in the spring.
According to the article, back during the financial crisis of 2008 gas prices rose to $4.11 a gallon on a national level. We could see higher than that this summer in this country. States like California, New York, and Illinois will likely see gas prices over $5.00 a gallon. YIKES.
About the only thing that could save us?
Something we certainly don't want to happen. The only thing that could disrupt these rising gas prices would be if another serious COVID-19 variant were to spread globally. Then, all bets are off.
The question remains will we see prices over $4.00 a gallon in North Dakota this spring and summer? It's certainly possible. Time will tell but experts do expect gas prices to fall in the second half of 2022.
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