Gas Prices Inch Higher — but Biggest Price Hikes of 2012 Likely Behind Us

Sep 4, 2012 5:28pm

The weekly average price of a gallon of regular gasoline  is $3.84, up nearly 7 cents from a week ago, according to the U.S. Department of Energy, and up 17 cents from a year ago.

Prices have inched up in recent weeks because of refinery problems  brought on by  Hurricane Isaac, which shut down most oil production and refining along the Gulf coast.

Experts expect prices to start coming down toward the end of  September.  The country  should see some of the lowest gas prices  around Thanksgiving and Christmas, with the caveat that a surprising pick up in the economy or unforeseen supply disruptions could keep prices higher.

Even with a price drop, we could still see the highest yearly average gas price ever in 2012.

 

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