Analysts Expect Higher Gasoline Prices, Shortages
NEW YORK — Summer drivers may be in for higher gasoline prices and spot shortages as demand strains the nation’s already bulging refineries and new octane rules in parts of the country further restrict some supplies, experts said Friday.
Pump prices usually increase during the summer as more motorists take to the roads, but analysts say this year’s prices could exceed the normal seasonal trend.
Last February, the average price of gasoline was 92.8 cents a gallon. By August, the average price exceeded $1, according to the Bureau of Labor Statistics in Washington.
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