But I seem to remember….
The refrineries switch over for winter changes that drive up prices…
We just heard OPEC is cutting shipments…
But the prices should drop at least up to November (Midterm’s?)
“I’m hopeful we can get to $3.49 between Halloween and Thanksgiving,” said [ Patrick DeHaan, head of petroleum analysis at GasBuddy ] DeHaan. He added that there’s an outside chance the national average reaches as low as $3.29, if there’s no major hurricane in the Gulf Coast or more refinery outages.
He warns the decline could slow temporarily and even turn higher in some areas, like California and in the Midwest. Prices were rising Friday in the spot market in those areas.
He said one reason could be that BP’s Whiting, Indiana refinery in Indiana was down for a week. BP said 435,000 barrel a day refinery was just returning to normal Friday. The refinery processes 435,000 barrels a day.
“I still think we could see some states drop under $3, primarily Oklahoma, Texas by the end of the year, if not earlier,” he said.
The least expensive states for gasoline are in the South. Drivers on Monday were paying an average $3.26 per gallon of unleaded in Texas and Arkansas and $3.28 in Mississippi, according to AAA. Some states continue to see much higher prices, like California, where the average is $5.26 per gallon, and Nevada at $4.84.
“Consumers have been unbelievably lucky. All the worst fears have not materialized,” said John Kilduff, partner with Again Capital.
“This is putting a lot of money back in people’s pockets,” he added. “It gives people some relief and the economy some relief. It’s like a huge tax cut for consumers.”…
Somewhere Joe Biden IS smiling?