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Gas prices soaring and could go even higher by spring: Analyst

Increased demand and production cuts are causing prices to rise, Patrick DeHaan says

By Talia Kaplan


GasBuddy analyst Patrick DeHaan argued on Monday that the price at the pump is soaring due to increased demand coupled with the fact that the Organization of the Petroleum Exporting Countries (OPEC) “is not opening the spigot.”

DeHaan was referencing the fact that last week, OPEC leaders and their allies agreed to maintain production cuts for all countries except Russia and Khazakstan. The news caused West Texas Intermediate crude oil, the U.S. benchmark, to spike.

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