With each passing day, based on what we're hearing about the industry being restarted, this current environment will ease,
We think American drivers should brace themselves for a fairly large increase, as soon as this weekend. It could be an increase of around five cents a gallon nationwide.
The price of crude oil is a big reason pump prices are in record high territory.
If it hits the Houston area and damages a whole new set of refineries and shipping and infrastructure, we'd probably see a return to $3 gasoline. We were looking forward to gasoline going back to $2.50, $2.60 a gallon, but this new storm will put a stop to that.
We're going to continue to see not only higher prices but gasoline availability issues on the Gulf Coast and other issues in the southeast United States, mainly due to fuel distribution problems over the short term.
We wouldn't be surprised to see nationwide gasoline prices averaging $3 a gallon again before the end of May. And they could go even higher than that.
There's no need for panic buying or for people to hoard gasoline. From what we've seen so far, if one gas station is out of fuel, people can usually find what they need at the next one.
It pretty much caused the whole industry to stampede into the use of ethanol.
The region most vulnerable right now is the Midwest, stretching from Texas up to the Great Lakes.
Most people have planned this weekend in advance, they've planned all spring for it. So the fact that they're going to have to spend a little more is not going to derail their plans.