Rising gas prices may stabilize 'soon,' expert says
National average price for a gallon of gas could rise another 5 cents to 10 cents before month's end
Prices at the pump appear to be on the rise again.
However, some relief – although not much – may just be right around the corner.
To date, gasoline demand has "likely" peaked as the price of oil continues to drop as global oil producers compromise on production levels, according to Patrick De Haan, the head of petroleum analysis at GasBuddy.
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The price of West Texas Intermediate crude oil is now at $71.98, down from its peak of $77 on July 5, according to De Haan.
"I think we're in the 8th or 9th inning of the gas price rally and we'll soon see prices stabilize, they may fall slightly but we're also entering the prime of hurricane season soon too," De Haan told FOX Business.
Meanwhile, on Wednesday, De Haan tweeted that prices appear to be rising to $3.19 a gallon in parts of Ohio.
De Haan also noted that some stations in West Michigan are trying to raise prices to $3.29 a gallon. Although "the hike doesn’t have much support yet," De Haan cautioned that "it could get a boost today if Speedway matches."
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Comparatively, prices appeared to be "resetting" to $3.29 a gallon in parts of Indiana and $3.25 a gallon in Indianapolis.
Overall, De Haan expects the national average price for a gallon of gas to rise another 5 cents to 10 cents before the end of the month.