29-08-2018 04:40 PM
Gas prices are positioned to fall as the summer driving season comes to a close
As the summer season arrives to a close with the Labor Day weekend, Research analysts at Enrich Commodities foresee a sizable drop in prices for gasoline at the pump.
The national gasoline price is likely to average $2.70 a gallon this drop, down from current prices of $2.84 a gallon, and more than a quarter cheaper than this year’s recorded high of $2.97 set in May.
Consumers will see savings when they fill up at the pump this drop, given cheaper-to-produce gasoline, comparatively steady crude oil prices in August, and an predictable drop in consumer gasoline demand after Labor Day.
In addition contributing to the anticipated drop in prices at the pump is the switchover to winter-blend gasoline in mid-September from the more environmentally-stringent summer blends.
The drop also tends to show the way to a drop in consumer gasoline demand, as summer road trips and vacations come to an end.