Gas Prices Spike Once Again

Gas prices spiked in the area yesterday and Don Good from the Good Oil Company says the incident with BP this week could be part of the cause.

“Every little thing that’s an emotion causes this stuff to spike in the Midwest because we’re kind of vulnerable right now and just the way the supply lays out so I’m sure that had something to do with it.” (don good 08-25 #1)

That wasn’t the only cause of the price hike.

“The crude spiked as well when they started talking about Israel and Iran and that whole thing of maybe Israel is going to attack Iran,” Good said. “So whenever anything like that happens, the crude moves up or down and then when it doesn’t follow through, it comes back down.”

He said prices should be coming back down.

“Over the next few weeks, we should start seeing gasoline coming back down rather than continuing up,” Good said. “That’s a little bit of good news and it’s the first I’ve heard them talk that it’s going to reverse and come back down. Supply is good and there’s no reason for it to be this high other than it’s speculation that something’s going to happen for it to go up.”

Good is optimistic that prices will look pretty good for the Labor Day weekend for your travel plans.