Ask an expert: Gas prices going up or down?
MSN Money's Charley Blaine explains what's influencing what we end up paying at the pump.
In this video, MSN Money's Charley Blaine explains what's influencing gas prices and what to expect for the rest of the summer.
Oil prices have been falling in the past few days, pressured by a downbeat outlook for global crude demand as growth in China and elsewhere slows, and by evidence that U.S. crude supplies are rising. Does that mean we should expect lower prices at the pump this summer? Not necessarily.
Gas prices, says Blaine, are influenced largely by seasonal factors. When refiners make the more expensive gasoline for the driving season, typically in spring and early summer, prices tend to go up. But then they start making the cheaper winter gas, typically in late summer, prices tend to go down.
Blaine further discusses investment opportunities in the sector, especially regarding refiners such as Tesoro (TSO), Valero (VLO) and Chevron (CVX). He noted that as crude prices go down refiners' profit margins go up.
The discussion about gas prices and investing in this sector continues over in MSN Money's Facebook community.
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