When will surging gas prices drop?

When will surging gas prices drop?

Record-Journal


Officials say gas prices are expected to drop this month after a recent spike following Hurricane Harvey’s landfall.

AAA Connecticut spokeswoman Fran Mayko said the spike in gas prices was caused after several Texas refineries shut down as a precaution.

Prices are expected to stabilize and fall by the end of the month when refineries reopen, she said.

As of Thursday, the average price of regular gas in the New Haven-Meriden area was $2.85 per gallon, according to the AAA.

Last week, the average price for regular gas in the area was $2.49 per gallon.

A month ago, the average price was $2.44 per gallon in the region.

The average gas price in Connecticut is $2.88 and the average national gas price is $2.67.

The hurricane made landfall in Texas on Aug. 25. Up to 50 inches of rain fell in some areas.

Mayko said several of the Gulf Coast’s 20 gas refineries were shut down prior to Hurricane Harvey’s landfall as a precaution.

About 25 percent less gas was exported from the Gulf Coast as a result.

About 10 percent of the country’s gas is exported from the Houston area, Mayko noted.

Labor Day weekend also contributed to the rise in gas prices.

“All that has played into it and has bumped up prices higher,” Mayko said. Workers have also been impacted by the storm, Mayko added.

As refineries begin to reopen, prices are expected to stabilize and eventually begin to drop later this month.

Kevin Curry, a Meriden resident and owner of Danby’s Gasoline Marketers, which owns multiple gas stations throughout the area and state, said the company experienced a surge in business when customers filled up prior to the storm’s arrival.

Curry said he was encouraged when prices dropped slightly Tuesday night.

“We’re looking like were coming in the right direction,” he said.

blipiner@record-journal.com 203-317-2444 Twitter: @BryanLipiner


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