HUNTSVILLE, Ala.- Petroleum analysts expect gas prices to rise because of Tropical Storm Barry.
“When I’m looking at the prices currently in Huntsville, Alabama it’s already gone up a couple of pennies per gallon and I think prices are going to continue to go up through the weekend,” says Allison Mac.
Petroleum analyst Allison Mac says its Economics 101, supply and demand.
“Louisiana, the refineries the oil production that’s basically the hub that’s being hit and so far we are already seeing half of the oil production in the Gulf of Mexico being cut,” says Mac.
Huntsville’s gas price per gallon is currently averaging $2.42. Experts say the price increase is temporary.
“Prices will start to go back down pending no damages, no power outages. It’s a temporary price increase and the prices should be going back to normal,” says Mac.
Mac says we have seen a steady increase of prices since the end of June due to tensions with Iran.
“Prices tend to be dropping this time of year because Memorial Day is behind us, Fourth of July is behind us. you know we saw the drone strikes we saw the strike to the oil tanker.”
She says the markets react to uncertainty like global tensions and natural disasters, but they believe prices will stabilize soon.