Expect Holiday Gas Price Spike

May 25, 2011

A Senior Petroleum Analyst says gas prices are expected to spike between ten to thirty cents going into the heavily traveled Memorial Day weekend. Patrick DeHaan, with GasBuddy.com which tracks gas prices in all fifty states and Canada, says despite a recent downward trend, a sudden jump in wholesale prices on Monday and Tuesday of this week is expected to drive up the cost of a gallon of gas this holiday weekend.

DeHaan attributes the sudden spike in gas prices to "unexpected issues" at a refinery in Joliet, Illinois:

"There is a refinery that can process 240,000 barrels of crude oil per day outside of Chicago that had an unexpected issue. This resulted in some panic buying. The concern is that supply will be very tight going into Memorial Day weekend."

DeHaan advises the public to search for the cheapest prices possible before the spike.

"If you can find gas under $3.80, I would buy it while you can."