Lower gas prices at the pump may be a treat, not a trick, as October comes to a close.
After coming to a five-year peak earlier this month, gas prices are at the lowest they’ve been since mid-September, at an average of $2.82 per gallon. However; that relief may be more of an aberration and are subject to rise in the coming months.
According to Jeanette Casselano, AAA is expecting the gas prices to increase in November in connection to the mid-term elections. She noted that how expensive gas prices will depend on how the market reacts to the early November events. However, motorists are not likely to pay summer prices this winter.
“Just like the outside temperature, motorists are seeing gas prices cool off. The last few weeks saw peak refinery maintenance season start to wrap-up and push less expensive gas prices, but the lower prices are not likely to be a long-term trend,” she said. “AAA expects that gas prices will likely start to increase as early as later this week ahead of the Nov. 4 Iran sanctions announcement and the mid-term elections.”
Despite the lower prices, the northeast is still among the costliest regions to pay at the pump, with New Yorkers paying an average of $2.96 and motorists in Connecticut paying an average of $2.99. Nationally, the average price is down four cents from a week ago and six cents from a month ago. The average price per gallon is 35 cents higher than it was a year ago.
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