High Gas Prices to Last Through Fall

WASHINGTON — U.S. drivers can expect high gasoline costs through the autumn, with the national monthly pump price not falling below $1.50 a gallon until November, the government said Monday, Sept. 8.

Gasoline cost, which hit a record high of almost $1.75 a gallon two weeks ago, should fall to a monthly average of $1.67 in September, $1.55 in October and then finally drop below $1.50 in November, the Energy Information Administration said in its monthly energy forecast.

Pump prices jumped in August because of strong demand, and at the same time the power blackout in the Northeast closed several refineries and there was the shutdown of a major gasoline pipeline in the Southwest.

“This month, pump prices should begin to recede because many of the local supply problems have been alleviated and the driving season winds down following the Labor Day weekend,” the Energy Department’s analytical arm said.

Source: Reuters