Drop in Gas Prices Likely to be Short Lived

(Undated) – For the first time in weeks, the national average price of gasoline is trending lower. However, according to GasBuddy Head of Petroleum Analysis, Patrick De Haan, the drop may be short-lived, as one of the nation’s largest refineries partially shut down last week after a fire at a storage tank. In addition, the increase in “tropical activity” could lead to further disruptions. De Haan says another factor in the fluctuating gas price is the fall in oil prices. He says after rallying for seven straight weeks, oil prices have lost some of their luster, much of which can be blamed on continued weakness in China’s economy, and refinery issues in the U.S. limiting how much crude oil refineries will be able to process. The current national average for a gallon of regular unleaded is sitting at $3.80 a gallon, down a penny from yesterday but seven cents higher than a month ago.