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.
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.