Gas prices are on the rise again as the summer months of relief are cooling down. According to the AAA, gas prices are up more than 8% going over $3.80. So when can drivers expect this increase in prices to slow down?
The coming fall months are typically when gas prices begin to trend down. Demand is lower in the fall because there are less people traveling than during summer months. However, a recent policy change by OPEC+, the Organization of the Petroleum Exporting Countries, could cause gas prices to buck tradition.
The alliance of countries that make up OPEC+ agreed to limit their oil output by 1.2 million barrels per day. As a result, Brent crude oil prices have risen more than 11% in the past three months. But policy adjustments are not the only thing that could increase prices.
The hurricane season could still create problems in the crude oil market. A significant price spike could occur if a hurricane hits the Gulf Coast.
However, given a decline in demand and no catastrophic events occurring, market experts believe that prices should see a drop by late September or October.