Gasoline prices hit peak levels for 2023 as crude oil exceeded $90 per barrel for the first time since last November. According to AA, the national average price for gas was $3.87 per gallon on Friday; the highest this year. Still, with Hurricane Lee approaching New England, experts believe that gas prices will come down from their peak.
Tom Kloza, global head of energy analysis at OPIS, expects prices to ease as the use of winter-grade gasoline, which is cheaper to make, rises. Andy Lipow of Lipow Oil Associates supported this view, claiming, “In the next five days I expect gasoline prices to tick on up a few cents, but afterwards consumers east of the Rockies will benefit from the lower priced winter-grade gasoline and we should see about a $0.10 per gallon decline in those markets.”
Still, Lipow warned that Californian gas prices may be the exception, given that winter-grade gasoline does not enter the distribution system until November 1. Currently, California’s gas price is hovering around $5.52 per gallon.