Sanction Relief & Oil Reserves Only A “Band-Aid” On Gasoline Prices Says GasBuddy

While the U.S. has lifted sanctions on Russian oil to help bring gas prices down, analysts are still warning that will only provide temporary relief as drivers deal with surging gas prices.

Triple-A pegs the national average as of the weekend at 3.63 a gallon, up 69 cents from a month ago.

Patrick de Haan, an energy analyst at GasBuddy, says diesel prices have jumped more than a dollar a gallon in recent weeks.

“Every day right now 20 million barrels of oil is being blocked in the Strait of Hormuz. We’ve never seen this large of a kink in the global supply and demand balance.”

De Haan also likens the lifting of sanctions and taping of oil reserves as band-aids on a gaping wound.

“It may be a band-aid on a gaping wound, but this is going to be something that persists until the Strait of Hormuz is fully reopened.”

For a detailed look at prices around the lake area, go here: http://gasbuddy.com