ATLANTA — The historic winter blast that’s hammering the whole country is raising gas prices across the metro.
Channel 2′s Tyisha Fernandes has learned that prices are expected to climb for at least the next few weeks.
Chris Edmonds is an energy analyst who tracks gas and oil prices all year long. He said prices typically go up after a presidential election, but this current gas price hike is weather-related.
“People say that can be a function of politics and a change in the White House, and some signals leasing a federal land and the reversal on the keystone pipeline certainly, probably has a symbolic effect. But the fact is demand is slowly getting back to normal but not to pre-COVID level — but some feeling of normal,” Edmonds said. “I don’t think it lasts forever, although prices in the retail market go up a lot faster than they come down.”
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When the power went out all over Texas because of freezing temperatures this week, oil refineries had to stop production. The weather also shut down the ports.
“Electricity also affects transportation by pipeline, so when that electricity is down or ... there’s more demand than supply, there simply isn’t enough to go around,” Edmonds said.
This means gas could go up about $0.25 a gallon.
Edmonds said this should only last a few weeks, but it’s really up to gas station owners to bring the prices back down when they start paying normal prices again.
“Retailers will try to hold on to that extra dime or quarter as long as they can,” Edmonds said.
That’s why it’s important to shop around for gas because prices are going to be lower at certain places first before the others follow.
Cox Media Group