When summer’s over, the demand for gasoline typically goes down, causing prices to also fall. Patrick De Haan, the head of petroleum analysis at the website GasBuddy, says that this year, things might be different.
“Our hurricane season is in its prime, and certainly a very active one, so we’ll have to keep an eye out for any threats.” De Haan said. ”Keeping in mind that much of the nation’s refining capacity is in the Texas and Louisiana area of the gulf, hurricanes can disrupt the flow of refined products.”
Gas prices usually fall in the colder months because of the transition to winter gasoline, a blend that’s cheaper to produce by 10 to 30 cents per gallon.
This year, factors abroad will also play a role in the future of gas prices. Among these are the global pressures as the world’s two biggest exporters of crude oil extend production cuts in order to increase revenue.
“Expectations are now that the Saudis and Russians are cutting oil production for the next several months,” De Haan said.
The good news is that gas prices remain well below their peak of June 2022, when the national average was just over $5 per gallon.