VANCOUVER (NEWS 1130) – This should make you feel better about heading out on vacation this summer.
A petroleum analyst says you shouldn’t have to worry about sticker shock when you gas up.
Roger McKnight with En-Pro says you can thank oil-producing countries in the Middle East and South America, which decided to keep the petroleum flowing.
“The reason I’m saying that is the crazy fools at OPEC did what they do best and agreed to do nothing. So, that’ll keep the market pretty well supplied with crude, as they fight for market share.”
McKnight says that should keep gas prices from rising. But there are two other factors helping you out:
“The inventories of crude in the US are historically high… And gasoline inventories are well above the five-year average. So when you look at supply and demand, everything looks pretty good.”
He says these factors should help keep prices relatively stable.