Wednesday, September 14, 2005

Update on Gasoline Prices

This Week In Petroleum states:
...the U.S. gasoline supply situation remains far from normal, and prices generally remain above pre-Hurricane Katrina levels. With as much as 5 percent of refinery capacity expected to remain shut down for months, it will take time for the gasoline supply system to return to normal, implying that prices could remain elevated (the U.S. average retail price was $2.61 per gallon on August 29) for some time to come. With significant volumes of refinery capacity expected to remain out for an extended period, consumers should not expect prices to decline quickly, since the disruption to supply is still occurring.

This is in agreement with my rough assessment of $2.60 a gallon price for gasoline in the coming six to nine months at least.

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