Many who filled up Friday said their glee over the cheaper gas would be short-lived, but the price cuts might not be as temporary as most would think. They likely will stay steady for at least another month, said Judy Reville, the division manager for the Augusta branch of AAA Auto Club South. The lower prices are partly caused by the sell-off of oil stock on Wall Street, Ms. Reville said.
Gas prices soared above $4 after hurricanes Gustav and Ike hit, causing power outages at 14 oil refineries in the Houston area. All but one have been restored, Ms. Reville said.
The drop in prices also is a result of the falling crude oil prices, he said.
Gasoline prices are also dropping because fear has subsided. “People are buying less, so that would definitely drive the price of gasoline down,” Mr. Butler added.
Strangely, there hasn’t been much moaning about the role of speculators in driving down fuel prices.