Energy Expert Not Expecting Gas Prices to Spike After Irma - NBC 5 Dallas-Fort Worth
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Energy Expert Not Expecting Gas Prices to Spike After Irma

Drivers may start to see prices drop at local gas stations over the next week or two

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    NEWSLETTERS

    As Hurricane Irma continues to rip through Florida, many consumers in North Texas are bracing for another round of increased gas prices. (Published Monday, Sept. 11, 2017)

    As Hurricane Irma continues to rip through Florida, many consumers in North Texas are bracing for another round of increased gas prices.

    The current average gas price is at $2.67, which is about 45 cents higher than last year.

    Nonetheless, some energy experts are telling drivers not to worry about another spike at the pump. In fact, they say drivers may start to see prices drop at local gas stations over the next week or two.

    You may be asking yourself the following question: If prices skyrocketed after Hurricane Harvey, why wouldn't they climb after Irma?

    Energy expert Bruce Bullock said it had a lot to do with the shutdown of refineries near the Gulf Coast and sheer panic at the pump.

    "Those two things combined raised the price 50-75 cents a gallon here locally, and it's going to take a while until that pipeline gets back up," Bullock said.

    "I'm not worried about gas going up," he said. "The fact of the matter is the single biggest determinant of gasoline prices is crude oil prices, and crude oil prices are flat to heading downward this time a year and should through the remainder of the year."

    If you're wondering if you should fill up today or not, Bullock said if you're at a quarter tank of gas, don't wait. Go ahead and fill up.

    He believes gas prices should go down, but it won't drastically drop overnight.

    You'll likely start to see it go down a couple of cents each week.


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