Gasoline prices may soon be returning to normal despite recent hurricane activity.

The average price of gasoline jumped in the past two weeks after Hurricane Harvey prompted the closure of refineries. Industry analyst Trilby Lundberg said Sunday that it was the biggest price hike recorded by the Lundberg Survey since 2011. But she says whole gasoline prices have started to decline since refineries came back online, and she expects prices at the pump will follow.

In the survey on Sept. 8, the average price of regular gasoline was up 30 cents at $2.69 per gallon. That’s 48 cents higher than a year ago. The average price of diesel jumped 16 cents to $2.73 per gallon. The highest reported cost of gasoline is $3.99 at the Exxon on 330 Pennsylvania Ave SE and 4th St SE.
In the contiguous United States, gas was most expensive in San Francisco at $3.21 a gallon and cheapest in Baton Rouge, Louisiana, at $2.31 a gallon.
Florida, now being affected by Hurricane Irma, saw its average retail gasoline price jump 44 cents a gallon in the last month, with supply now being a major issue. A large number of Florida gas stations have run out of fuel in the last week as residents gassed up to evacuate.
Gas prices fell Monday morning as Hurricane Irma's destruction appeared to be not as bad as originally feared.
Goldman Sachs and others noted that Irma would still affect gasoline demand and that could be aiding the decline Monday. [caption id="" align="aligncenter" width="300"] Flood waters caused by Tropical Storm Harvey heavily affected refineries in Texas[/caption]
We believe that Irma will have a negative impact on oil demand but not on oil production or processing. Harvey's negative impact on demand will remain larger," said Goldman Sachs analyst Damien Courvalin.
South Carolina, which until a couple of weeks ago had the cheapest gas prices in the nation, saw the average price rise 45 cents a gallon after Harvey. But even in South Carolina, the average price appears to have now backed off its high of $2.56 a gallon. But over the last three days, AAA's national average price of regular has actually gone down by a fraction of a cent per day, suggesting prices have leveled off, at least for now. The national average price of regular today is $2.66 a gallon, down about a penny over the last three days. It's up more than 30 cents a gallon from a month ago, however.

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