Posted in: Gas Prices,
by Patrick DeHaan on Sep 3, 2013 01:30 PM
With Labor Day and the summer driving season officially over, gasoline prices have historically declined. This year, however, thanks to the developing situation in Syria, that trend may be delayed several weeks.
The national average has advanced 4-cents per gallon in the last week, and while I certainly wouldn't dub that a spike, it's an upward trajectory that is temporary. This week will likely feature a similar gain in the national average, as gas stations raise their prices to match the increase that they've seen in their cost.
Oil prices still are holding around $108 per barrel while wholesale gasoline prices have increased, but are showing some signs of fading. Prices may strengthen after there is a clear path set for military action, and any surprises could cause a temporary spike in oil and gasoline prices. However, thanks to the conclusion of the summer driving season, I wouldn't expect prices to pop, merely to gradually increase a few cents. This isn't Libya in 2011, thankfully.
Look for relief to arrive in late-September pending the outcome or current situation with hurricane season. Just keep in mind that today motorists are spending $70-million less on gasoline per day- not too shabby!