Gas prices are surging and this time, the outlook is getting even uglier. Tim Miller is joined by Patrick De Haan, head of petroleum analysis at GasBuddy, to break down why oil prices are climbing, why diesel prices are hitting record levels, and why Americans could be facing $7 and $8 diesel this winter.
De Haan explains how the escalating conflict in the Middle East, attacks on Russian refineries, tight diesel inventories, and refinery disruptions are squeezing the global fuel market. Forty-two states are already seeing record diesel prices, while the national gas average is creeping back toward this year’s high.
With refineries operating at nearly 98% capacity and diesel inventories 15% below their five-year average, De Haan warns there is very little room for another disruption, especially heading into winter. And despite talk of prices coming down after the midterms, he says there’s no magic date when the underlying problems simply disappear.
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