GRAND RAPIDS, Mich. — Brent crude oil has dropped significantly in recent months — from $120 per barrel in late spring to between $ 77and $79 per barrel — but gas prices have not followed suit.
GasBuddy analyst Patrick De Haan said refining restraints are to blame for the continued rise in gas prices.
"Ukraine continues to attack Russian oil refineries. In fact, I estimate that up to 40% of Russia's oil refining capacity may be offline, and that is part of the disconnect," De Haan said.
While oil is the main ingredient in gasoline, it is not the only factor that can push prices up. Continued attacks on refineries in Russia and other parts of the Middle East are restricting the global capacity to refine oil into gasoline, meaning less gas is being produced.
De Haan compared the relationship between oil and gas prices to that between wheat and bread.
"Kind of think of it like wheat and bread. When the price of wheat falls, the price of a loaf of bread at the grocery store doesn't necessarily go down because the cost of wheat is only one input. Milling, baking, packaging, transportation, and retail markup all factor in, and that's the case here with gasoline," De Haan said.
This week's heatwave could also impact refineries in the Midwest, potentially driving up prices in the coming days. Hurricane season, now approaching, could also be a factor in prices staying around the $4/gallon mark for the remainder of the summer.
Renewed tensions overseas are expected to push prices higher this week, so filling up now could help drivers save money at the pump.
Nationwide, 4 out of every 5 states are reporting higher average gas prices, with the national average for regular gas sitting at $3.99 per gallon to start the week.
The Grand Rapids metro area is not far from that number, averaging $3.91 per gallon.
Here is a county-by-county breakdown of average gas prices as of Tuesday morning, according to GasBuddy:
- Kent County: $3.92 per gallon
- Muskegon County: $3.87 per gallon
- Ottawa County: $3.88 per gallon
- Kalamazoo County: $3.92 per gallon
These prices reflect the most up-to-date averages for each entire county, so prices at individual stations may vary.
For drivers looking to save money at the pump, GasBuddy says renewed tensions overseas will push prices higher as the week goes on. Filling up sooner rather than later could help avoid paying more later in the week.
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