Harvey, Irma Keep Gas Prices High

posted by Alan McBride - 

Gasoline availability continues to improve after Hurricane Irma drove-up demand and left many gas stations without fuel.

That's according to the latest report from AAA Auto Club Group, which adds that a steady stream of ships delivering gasoline to Florida's ports are helping to normalize supply levels in the southeastern U.S.

But hurricanes Harvey and Irma delivered a one-two punch to prices for the short-term, AAA analysts said.

Last week, gasoline hit the highest price in 3 years. 

Prices surged when Hurricane Harvey caused refinery outages along the Gulf Coast. 

As refineries recovered, gas prices should have begun to decline after Labor Day, but the arrival of hurricane Irma caused a surge in demand, preventing the impending plunge.

Analyst Mark Jenkins says we're about to see the pendulum swing back, however.

"Gas prices are poised to plummet 30 cents," he said. "It will not happen overnight, as pump prices decline much slower than they rise. Plus, the threat of any new storms making landfall in the United States would compromise the collapse. However, motorists should see gas prices decline through the end of the month, and possibly reach the lowest point of the year in Q4."

Currently, the price of gas in Florida is averaging Florida $2.71 per gallon.

The state average is 1.5 cents less than a week ago, yet remains 55 cents more than this time last year.

The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton, Miami, and Fort Lauderdale.

The least expensive gas price averages in Florida are in Pensacola, Tallahassee, and Fort Myers-Cape Coral.

title

Content Goes Here