Patrick De Haan, head of petroleum analysis at GasBuddy, discussed the impact of severe weather on energy costs, Tuesday, arguing prices could go back up as a result of hurricane season on “Varney & Co.”
PATRICK DE HAAN: …We have to make it through hurricane season, which is supposed to be above average. That could actually cause prices to go back up, hopefully by later this fall. If nothing changes, we will see another measure of relief. We can see the national average falling under $4 a gallon again. And that’s because fundamentals demand declines going into the fall month. But the biggest question are geopolitical questions and questions about the economy. Will we see a recession by later this fall? Will we see it when GDP numbers come out in just a few days time? So that’s the biggest question. If we do see a slowdown, I think there’s the healthy possibility that gas prices this fall will be lower. But keep in mind still that historically elevated levels.
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… I was hoping that by mid-August, if nothing changes, if we don’t see any major hurricanes or disruption, we could fall back under $4 a gallon. I’m hoping that we can continue to see some $4 a gallon prices through the closing of this year. But again, that’s if everything goes right.
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