Expert: Gas Prices Could Soon Rise Over $3 A Gallon In Chicago Area
(CBS) -- The rising cost of crude oil is causing gas prices to go up nationwide, and Chicago could soon see it hit over $3 a gallon.
Patrick DeHaan senior petroleum analyst for GasBuddy.com says crude oil has gone up from $43 a barrel to $61 a barrel due to a slight decrease in production.
"I think that the market is overcompensating, meaning that all the bulls are rushing back into the market looking for an opportunity to buy low and sell high and I think it's a bit overdone," DeHann said. "I do believe that oil prices will top out here in the next few weeks."
Dehaan says the Chicago area could see prices go over $3 a gallon in the next few weeks.
But he says he expects this summer to have some of the lowest gas prices seen in the last five years during the peak travel time.