DETROIT (WWJ) – Gas prices will be on the rise 10 to 25 cents at stations across metro Detroit over the next few days.
Patrick DeHaan of GasBuddy says you can blame Hurricane Hermine which has caused the sharpest one week drop in oil supplies in history.
Hermine shut down a lot of the infrastructure in the Gulf of Mexico and a lot of these crude carriers can hold two million barrels of crude oil and if there’s a storm that would effect how quickly that oil can be off-loaded and brought into the country says DeHaan.
“This is a temporary increase in price that we will likely see and it’s also a temporary massive decline in oil inventory,” said DeHaann.
He says there’s been a decline in over 14 million barrels of crude oil in the last week alone — and gasoline inventory has dropped over four million barrels. “And the price of oil promptly shot up $2 a barrel and that’s likely to make a very quick impact.”
DeHaan expects prices to fall again within a few weeks.