Gasoline prices slip as analysts say peak nears
Dan X. Mcgraw - FUELFIX
- April 12, 2012
We will see --Ed.
Analysts say rising gasoline prices might be over as many large metro areas, including Chicago and Los Angeles, appear to have hit their gas peaks earlier this year. Analysts say the news likely means lower prices for drivers in the coming months.
According to AAA gas gauge, gasoline prices dropped an average of 4 cents in the 28 states that saw a weekly decrease at the pump this week. Prices increased by an average of 2 cents in the 21 states where prices rose.
Four states (California, Indiana, Michigan and Ohio) have seen a multi-cent decrease during the past month, leading many analysts to say national prices are at their peak.
Gasoline prices in the hardest hit areas have finally shown signs of relief, with gasoline prices falling now in Chicago as they have for a few weeks in California, said Patrick DeHaan, a gasoline analyst for GasBuddy.com.
DeHaan said refineries are slowly coming out of maintenance and boosting production that could cause gasoline prices to peak sooner than in prior years.
Texas doesnt appear to have peaked out just yet, analysts said.
Gulf coast refineries are still making the switch to summer-blend gasoline that will likely cause an increase at the pump, Tom Kloza, the chief analyst at Oil Price Information Services.
Houston prices could rise by as much as 25 cents due to the switch, Kloza said. Last year, drivers saw an 8- to 10-cent rise at the pump as refineries switched to the more expensive summer-blend gasoline.... [Read More]