A meeting in a far away place soon could have an impact on Northwoods gas prices.
The joy of much lower gas prices has started to fade as prices at the pump have pushed past $2.00 a gallon in the Northwoods.
Senior Petroleum Analyst Patrick DeHaan from the website gasbuddy.com says two anticipated factors are in play: the switchover to costlier and cleaner summer blend gasoline and expected refinery maintenance. But a third factor is causing the quick hike and that's the rise in the price of a barrel of oil caused by foreign nations...
"....I would put the rise in crude oil prices on the discussion of an output cut from some oil producing countries. Venezuela, Russia, and the Saudis have all chatted about it. He says they're due to meet to discuss the topic in the next couple of weeks...."
The price of a barrel of crude oil has topped $40 dollars, a nearly 50 percent rise in the last month. DeHaan thinks the gas prices will continue to rise but not at the pace that has been seen in the last month He says gas prices in the next term will be 15 to 30 cents higher than they are today.
