PALM BEACH COUNTY, Fla. — The lack of production at refineries based in the United States is stopping gas prices from dropping, according to an analyst from Gas Buddy.
The supply cut has led to gas prices hovering around $3, according to AAA, even as oil prices are close to the low prices seen during the COVID-19 pandemic. This means gas prices could drop as early as Memorial Day weekend.
“Refineries generally use this time of year, before the summer, to do maintenance on their facilities to prepare for an increase in demand during the summer,” Patrick De Haan with Gas Buddy told WPTV.
He said the drivers of low oil prices are economic uncertainty from tariffs installed by the federal government, and increased oil production from OPEC countries.
For now, drivers like Larry Matthews are left waiting for some relief at the pump. He said the price of gas affects his budget just like everybody else.
“It eats into our retirement funds, the prices and everything,” said Matthews. “So, we don’t dwell on it because we don’t drive so much, but on the other hand, you know, it affects us just as much as everybody else.”