Gas prices are increasing across more cities, experts warn

Fox Business Flash top headlines for July 7

Check out what’s clicking on FoxBusiness.com.

Gas prices continue to increase in multiple cities around the country and experts fear the trend may continue. 

GasBuddy Head of Petroleum Analysis Patrick de Haan told FOX Business that he expects the national average will rise another 5 cents to 15 cents per gallon before the end of the month.

On Tuesday, de Haan tweeted that prices "appear to be rising" to about $3.25 per gallon in Indianapolis and about $3.29 per gallon in Indiana.  

GET FOX BUSINESS ON THE GO BY CLICKING HERE   

Gas prices in Los Angeles are already "just a penny away" from notching the highest level in nine years, which would be approximately $4.33 per gallon, de Haan said in a separate tweet. 

According to de Haan, refinery snags coupled with high demand caused prices to jump in Los Angeles and the West Coast. 

Prices in Washington and Oregon are also rising due to the high temperatures last week which forced some refineries to slow down the production of fuels, according to de Haan.

CLICK HERE TO READ MORE ON FOX BUSINESS 

Meanwhile, "Indianapolis routinely sees prices climb every seven to 12 days after a period of declining called price cycling." 

Moving into next week, though, de Haan said prices may also jump in Michigan and Ohio.  

Overall, prices at the pump this week are already nearly $1 more than they were compared to a year ago, according to GasBuddy. 

PRICE Futures Group senior analyst and FOX Business contributor Phil Flynn told "Cavuto: Coast to Coast" this week that the infighting within OPEC and ongoing friction with allied oil-producing countries have the potential to push gas prices to $3.50 or $4 per gallon. 

Source: Read Full Article