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No Major Bump At the Pumps Expected Anytime Soon

Wednesday, 25 May 2016 05:48

Predictions suggest gas prices will stay fairly consistent for the next little while.

Temperatures are rising, but gas prices in Oxford County will remain the same.

Dan McTeague, Senior Petroleum Analyst with GasBuddy.com says gas prices increased before the long weekend but will coast for the next few weeks.

"Pretty much what we are seeing now at the $1.05-$1.12 range seems to be where we expect prices to be or where they may go, depending where you are. I am not seeing anything that would suggest a massive increase anytime soon."

McTeague says consumers typically see an increase during the summer months because, "Refineries can only produce so much. That is the problem, that its less connected to oil and more connected to the demand picture which tends to be pretty veracious this time of year. It doesn't help that the Americans are breaking records in terms of getting back into their vehicles and driving further and consuming more than they ever have this time of year, historically."

He says is it unlikely there will be an increase in gas prices due to Fort McMurray.

"It would take several months of being closed down for major disruptions to emerge. So, I think the potential of higher gas prices because of that is lessened by the day."

Gas prices this time of year compared to last are down by around 8 or 9 cents. 

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