Will the spike is gas prices affect your Labor Day weekend plans?
Published: Thursday, August 30, 2012, 5:29 AM
|Gas Price Increase in New Jersey for Labor Day|
Analysts say the prices are expected to drop after Labor Day. As Isaac fades away, the summer driving season ends, and refiners switch to cheaper winter blends of gasoline, stations owners should start dropping prices. "There is some very good relief in sight," DeHaan says. When Katrina hit in 2005, the national average for gas spiked 40 cents in six days and topped $3 per gallon for the first time. Isaac likely won't have the same result, though its full impact on the refineries is yet to be determined. The refineries are not expected to suffer long term damage. But refiners decided to shut down or run at reduced rates to protect their operations. Wednesday's jump of a nickel was the 10th biggest one-day jump on record, according to OPIS, and the biggest since the average price rose 6 cents on February 15, 2011 when turmoil in Libya was rising.