Gas Prices to fall this Fall

The bad news: we paid more for gasoline this Labor Day weekend than we had in years. The good news: experts say prices will drop soon.

Gasbuddy's Patrick DeHaan says relief is on the way.

"Look for some more relief as we head into the fall months; by Thanksgiving Day I think it's possible the average price in Houston will drop down perhaps close to $2.30, maybe even a little lower than that -- it would be a 25 cent per gallon drop."

There are worries more sanctions on Iran will hike oil and gas prices, but DeHaan says the markets have already had time to absorb that possibility.

"So, it may not be a large impact but, of course, Iran is escalating the rhetoric, suggesting it has control of the Suez and that's certainly a waterway much of the world's crude oil from the Middle East flows through."

However, DeHaan says we don't know what impact a tropical storm or two could have on the Gulf's oil operations. He says it's been a quiet Hurricane Season so far, but that can change in an instant.

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