Gas Prices Decreasing After Hurricanes Harvey And Irma

AAA Three factors driving gas prices down

For a second straight week, OH was one of the states to see the largest drops in gas prices and among those with the 10 least expensive markets, AAA leaders said.

Prices rose quickly after Hurricane Harvey hit the Texas Gulf Coast last month, forcing many refineries to curtail production. The average fell 4 cents in Florida to $2.67 and 5 cents in Georgia to $2.67.

The latest survey from GasBuddy shows average retail gasoline prices in ME fell 10 cents per gallon in last week, averaging $2.56 on Sunday. IN and MI tied for the largest declines by price, though MI saw the largest decline in terms of percent to move below pre-Harvey levels.

"That downward momentum is starting to pick up steam", Gasbuddy senior analyst Patrick DeHaan told ConsumerAffairs.


For the West Coast, the most expensive market in the Lower 48, the increase in gasoline inventories translated to lower gas prices, though most states are still above $3 per gallon. Nationally, the average price for a gallon of regular unleaded gasoline is about 2.58, down 5 cents from last week.

This fall's prices already were running higher than the same period a year ago, even before Hurricane Harvey. "Since gas prices decline much slower than they rice, it could take a few weeks to reach equilibrium".

As of Monday, the most expensive gas price averages are in Nashville ($2.59), Johnson City-Kingsport-Bristol area ($2.53), Clarksville-Hopkinsville ($2.53) and Chattanooga ($2.52). On Sunday, gas prices averaged $2.52. The recent surge in prices also wasn't enough to push the YTD gain to an above average move. In Virginia, the average is 2-44 a gallon.

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