As gas prices continue their upward trajectory, the issue has become "a polarizing number," according to GasBuddy’s Head of Petroleum Analysis, Patrick De Haan. He joins Market Domination alongside Yahoo Finance’s Rick Newman to discuss the underlying factors.
De Haan notes that the average gas price has increased by over 60 cents from the January lows, and could reach $3.70 in the next couple of days as the summer season approaches. However, he believes prices are nearing "the potential end of the spring rally."
Importantly, De Haan highlights the political significance of gas prices, particularly ahead of the upcoming election. If prices were to go above the $4 per gallon threshold, De Haan believes it could negatively impact President Biden’s approval numbers, calling it a "danger zone" from a political standpoint.
Furthermore, De Haan identifies fragmentation as one of the key drivers behind persistently higher gas prices. The fact that different regions use various gasoline blends, all under the control of various entities, creates an environment that "could use improvement" and contributes to the elevated prices seen across the country.
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