Gas: An extreme hurricane season could push prices to $4

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Gas prices are expected to rise this summer by about $0.10 per gallon, according to the Energy Information Administration. The increase is due to summer travel demand amid falling refinery capacity. Weather forecasters at Colorado State University also predict that hurricane season will be “extremely active” with a chance of a major storm hitting the Gulf of Mexico, an important region for US energy needs.

GasBuddy Head of Petroleum Analysis Patrick De Haan joins Wealth! to break down what drivers can expect at the pump this summer and potential disruptions to energy resources.

De Haan argues that prices may be affected by hurricane season, which usually begins in August: "That's why for the month of August our projection is that we could either see prices lower in August if supplies continue to build, or we could see a brief blip. If we do see a major hurricane, it is still possible that the national average could jump close to $4. In a worst-case scenario."

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This post was written by Nicholas Jacobino