Gas prices are higher than they’ve been going into any other Labor Day weekend on record, but experts predict some relief at the pump is coming fairly soon.
According to AAA, the average price of a gallon of regular gas was $3.83 on Friday. That’s up 9.4% from the end of July, meaning that August suffered the biggest percentage gain in gas prices in more than three years. But it’s still short of the high of the year of $3.94 reached in April.
But Kloza said a number of factors are likely to lower gas prices fairly soon. The damage from Hurricane Isaac is not believed to be serious, which should allow Gulf Coast refineries to get back to work quickly. The end of the summer blend of gasoline on Sept. 15 could bring prices down 20 cents a gallon over the next month or so. And Kloza believes concerns about Europe could again start to hit oil prices globally in the coming weeks.