Gas prices could climb well above their current near-record levels to “apocalyptic” heights if hurricane season results in significant disruptions for US oil refiners, an industry expert warned Friday.
The national average gas price was hovering at roughly $4.93 as of Friday or about nine cents lower than its all-time high reached on June 14. Oil prices have also ticked slightly lower, holding at about $107 per barrel after trading near $120 earlier in the month.
But positive trends and efforts to lower prices could be “overwhelmed if we have an active tropical season” that impacts domestic refining efforts in the Gulf of Mexico, OPIS energy analysis global head Tom Kloza told Fox Business Network on Friday.
