With gasoline prices now up 20 consecutive days, the coverage and concern is reaching fever-pitch, turning us all into speculators of how high pump prices will rise.
"We're probably not going to hit $5 a gallon," predicts Phil Flynn, FOX Business Network contributor and oil analyst at PFG Best. Flynn calmly says we're getting way ahead of ourselves with all this price per gallon talk, prior to couching his prediction in the necessary caveats about Iran, the Middle East, and nuclear conflagration.
Flynn points out that the overlooked factor in all this gas talk is the impact of U.S. refinery capacity. It's been more than a generation since a refinery was built in the United States. According to Flynn the remaining refiners are going into maintenance.
"EPA regulations could close more (refiners)," he says, leading to a glut of crude oil, but a backup in domestic places to turn black gold into gasoline. Flynn also makes reference to the U.S. devaluing currency, a factor which is constantly putting upward pressure on every commodity extant.Read More »from $5 Gas Prices? Think Again Says Flynn