Spot oil prices are down about 25% from their recent peak but prices at the pump have remained at stubborn record highs. When should we expect gas prices to start dipping?
“It’ll probably be a good week before we start seeing that, maybe next week we start seeing that, maybe earlier in the weekend,” Professor David Dismukes with the LSU Center for Energy Studies told WWL.
Another energy expert interviewed by WWL anticipated it would take about two to three weeks for gas prices to make noticeable downward changes after a sharp rise.
While your frustration is likely to be highest while filling up the tank at your local gas station Dismukes said the fast rise and slow decline of gas prices isn’t the fault of local gas station employees and owners.
“By and large these markets tend to react really quickly and it is really at that wholesale commodity level that is kind of the barrier to all of this,” said Dismukes.
Spot prices were in the upper 120s a barrel range just a week ago, but Dismukes said the recent announcement that several economically vital Chinese cities would be shut down over COVID has readjusted expectations for future demand.
