Gas Prices Expected To Drop
Inventories are rising and demand is slowing.
Gasoline, now averaging $3.72 a gallon, is expected to fall to $3.35 or lower by late November. In some regions, prices have already sunk below $3.
“Most of the country is heading appreciably lower the next few weeks,” says Tom Kloza of the Oil Price Information Service, who notes wholesale prices in some key markets have dropped from as high as $4.35 a gallon to $2.71. Pump prices typically lag big wholesale drops. But Kloza expects retail prices to sink five to 15 cents a gallon over each of the next three weeks.
Watch for conservatives to claim that President Obama is manipulating prices before the election.