Gas Prices To Drop?
According to Tom Kloza, chief analyst at the Oil Price Information Service, many factors combined to send prices steadily higher in August. Among them were issues at a number of refineries -- such as a fire at a major Chevron facility in Richmond, Calif. on Aug. 6, and the shutdown of a significant share of the nation's refinery capacity in advance of Hurricane Isaac over the last week.
And the Gas Guru says a number of factors are likely to lower gas prices fairly soon. The damage from Hurricane Isaac is not believed to be serious, which should allow Gulf Coast refineries to get back to work quickly. The end of the summer blend of gasoline on Sept. 15 could bring prices down 20 cents a gallon over the next month or so.
They believe we will settle into $3.25 a gallon for gasoline for the last month of the year is achievable.