For over a month now, gasoline prices have slowly backed off in the wake of Hurricane Harvey. The damage from Harvey was substantial in the Houston area and precipitated some gasoline related supply-side issues. However, since then, as the gas supply has been restored, we’ve seen prices steadily retreat.
The national average for a gallon of gasoline has fallen for the fifth straight week. It fell 1.6 cents in the past week to $2.456 per gallon, according to price-tracker GasBuddy.
Data from the U.S. Energy Information Administration is helping push prices down yet again. U.S. refiners ran at 89.2% of their capacity, up 1.1% from a week earlier, and the rise helped gasoline inventories rise 2.5 million barrels, yet they remain nearly 2% lower than a year ago.
Looking ahead, the national average is likely to decline again this week as relief continues post-Harvey.
Patrick DeHaan, head of petroleum analysis for GasBuddy, commented on the declining prices:
For the fifth straight week, the national average gasoline price has moved lower. Though not all states saw decreases in the last week, we nonetheless saw the nation’s average price per gallon fall as we continue into the peak of fall, which is hardly a surprise. While prices nationally remain an average of 20 cents higher than a year ago, we’ll likely continue to see improvement at the pump into a sixth week as supply outpaces demand and gasoline inventories continue their slow recovery as we soon close out an active hurricane season.
At U.S. pumps, states with the top five price movements in the past week:
- Michigan (+15 cents)
- Ohio (+12 cents)
- Indiana (+10 cents)
- Georgia (−7 cents)
- Tennessee, Texas, South Carolina, Florida (all −6 cents)
States with the lowest average gas prices:
- Missouri ($2.18)
- Arkansas ($2.19)
- Oklahoma ($2.21)
- Delaware ($2.23)
- Mississippi ($2.24)
States with the highest average gas prices:
- California ($3.09)
- Hawaii ($3.08)
- Alaska ($3.06)
- Washington ($2.90)
- Nevada ($2.81)