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Gas price hikes coming to a halt?
Gas prices breaking an all-time high are likely to go down in the next few days, according to a national survey.
“From about September 2 most wholesale prices charged to stations have been dropping, and we’ll see the pass-through on the street very soon,” said Trilby Lundberg, publisher of the Lundberg Survey.
Many of the refineries impacted by Hurricane Katrina have returned to operation, she said.
“More than half of the affected refining capacity that was down in the Gulf of Mexico is back and virtually all the affected pipeline capacity is back,” she told CNNMoney.
She made her comments after checking gas prices at 7,000 stations.
Another factor in declining prices is the Organization of Petroleum-Exporting Countries, which is set to meet later this month when they are expected to boost capacity.
Demand for oil from China and India is also expected to drop due to higher prices, Ms Lundberg added.
She predicted prices will return to pre-hurricane levels in the near future.
Report by David Wilkening
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