FORT WAYNE, Ind. (WANE)– Prices at the pump are rising, especially at the diesel pump.
Patrick De Haan, head of petroleum analysis at GasBuddy, says the prices are increasing due to the high cost of oil.
“Oil prices have been extremely volatile, at $115 a barrel at one point in the last two weeks and then as low as 95 dollars a barrel. What we’re seeing today is stations resetting their slate where they’re making 20 cents a gallon since oil is increasingly volatile,” De Haan said.
More specifically, De Haan says diesel prices have been climbing from high demand and low supply.
“Just prior to COVID we are now down about a million barrels a day, under 18 million barrels now for national refining capacity. The problem is when the economy is strong and growing, we need every barrel of capacity to turn that oil into products like diesel gasoline, jet fuel, etc. The problem with diesel is that inventories in diesel are at the lowest levels since 2008,” DeHaan said.
So what do you do when prices are more than one can afford? De Haan advises those who drive diesel cars to try to drive as efficiently as possible to help offset the costs.