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Analyst: Fairfield County Should Expect Lower Gas Prices Soon

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Gas Pumps (credit: clipart.com)

Gas Pumps (credit: clipart.com)

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FAIRFIELD, CT (WCBS 880/AP) - One oil analyst says there is a good chance that gas prices will drop within the next month in Fairfield County.

Some gas stations in Fairfield County are selling gasolinejust below $4 a gallon, but the careful buyer has to shop around. Most stations are still above the $4 mark.

WCBS 880 Connecticut Bureau Chief Fran Schneidau With The Good News

But oil analyst Peter Beutel says prices are dropping and they should be reflected at the pump soon.

“We’ve seen a 45, 47 cent a gallon decrease in the last two weeks. So I expect that we’re going to start to see some of that show up here in Farifield County over the next couple of weeks and then probably see the remainder of it show up after Labor Day,” he told WCBS 880 Connecticut Bureau Chief Fran Schneidau.

Barring any quantitive easing by the federal government or hurricanes disrupting oil production, Beutel expects prices of around $3.50 at the pump heading into September.

Benchmark crude rose $1.13 to $80.43 per barrel Wednesday morning on the New York Mercantile Exchange. In London, Brent crude rose $1.56 to $104.13 per barrel on the ICE Futures exchange.

Analysts surveyed by Platts predict that the Energy Department will report a 1.8 million-barrel increase in the nation’s crude oil supplies and a 1.2 million-barrel decline in gasoline.

Investors may also be encouraged by the Federal Reserve’s promise to keep lending rates low for the next two years.

Meanwhile, gas pump prices are averaging $3.64 a gallon nationally. That’s down about 6 cents from a week ago.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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