Gas prices expected to drop soon, but supply will likely remain tight

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Gas prices expected to drop soon, but supply will likely remain tight

WASHINGTON - (KRT) - A week of uncertain energy prices awaits motorists after record high prices for gasoline throughout the long Labor Day weekend.

The AAA motor club reported Monday that the nationwide average for a gallon of gasoline was $3.05, although prices were much higher in most major metropolitan areas.

But prices could start dropping as soon as this week.

"I think there will more or less be a return to normal. We are finding more (oil) rigs coming back, refineries are coming back, pipelines are coming back. It would appear the worst is behind us," said Peter Beutel, an oil analyst with Cameron Hanover in New Canaan, Conn.