Gas Prices Rise 20 Cents Overnight, So How High Will They Go?

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PITTSBURGH (KDKA) — On Wednesday, gas prices at the Sunoco in East Liberty were $2.69 a gallon.

Two days later, it hit $2.89.

At the pumps, people took it in stride when asked by KDKA money editor Jon Delano.

Delano: “Are you surprised it went up so quickly?”

One customer said, “Yes, it’s because of the flood, right?”

“It’s obviously too high, but given what has happened down in Texas and all the refineries,” added another.

“It is what it is, I don’t know,” said a third.

KDKA found lots of gas prices jumping overnight, usually to $2.79 a gallon, some to $2.89.

And one GetGo on Murray Avenue in Squirrel Hill spiked to $2.93 a gallon.

Since we last talked Wednesday, Jon, the average in the Pittsburgh market has gone up 10 cents to $2.74,” said James Garrity, of AAA. “Statewide, it’s gone up 13 cents to $2.70; and nationwide we’ve seen a 12 cent increase over the last few days.”

But those are averages, and prices often depend on your neighborhood which can be higher.

There’s no doubt that a 20 cent hike in gasoline prices in just 48 hours is going to be painful for most of us.

The real question is, how high will it go?

Nobody knows the answer to that. The one thing we do know is it’s going to go up until it comes down.

The last time gas hit $3 a gallon in Pittsburgh was in November 2014.

And the highest gas we ever paid here was in June of 2008 — over nine years ago — when gas hit $4.05 a gallon.

“At this point, it’s too soon to see if it’s going to go to $3,” says Garrity. “Keep in mind, we still have to assess all the damage that’s happened along the Gulf Coast.”

Garrity says, once refineries are up and running again, gasoline prices will drop.

“Consumers will see prices come down. They may not be as quickly as it is every year, but they will see them come down,” he said.

But probably not until the end of September.

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