Gas price drop expected in November

A leak causing the shutdown of a pipeline that transports gasoline from Houston to New Jersey has meant gas shortages and higher prices in some southern states.

But an analyst said that won’t be a problem in this part of the country.

Tom Kloza, the global head of energy analysis at the Oil Price Information Service in Wall New Jersey, said an ample supply of gasoline will lead to lower prices in the region.

“Prices though the entire country might go up, but I think we’ll be well supplied,” he said Tuesday. “There is a lot of product that’s going to be coming in via cargoes of foreign gasoline and prices will be cheap, about what we paid last year in the last few months.”

Kloza said falling demand for gasoline is also a factor.

“You’ve got a little fear of travel right now. You’ve got less people who are probably going to go shopping at malls because of the online impact,” he said. “We’re not that far away from the days getting shorter and going back to Eastern Standard Time. That all crimps driving.”

Unless a hurricane affects production, Kloza said, gas prices should drop about 10 to 15 cents a gallon by November.

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