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Steep drop expected for gas prices

Steep drop expected for gas prices

The average price of a gallon of regular-grade gasoline has fallen 7 cents nationally over the past two weeks. That created supply shortages, raising the price of gasoline nationwide.

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. Prices are expected to "slowly drift lower as inventories slowly improve", GasBuddy.com senior analyst Patrick DeHaan said.

AAA noted that prices surged when Hurricane Harvey struck refineries along the Gulf Coast and remained elevated as demand spiked in the Southeast with Hurricane Irma.

Consumers in some states are seeing gas prices fall faster than the nation as a whole. "Since gas prices decline much slower than they rice, it could take a few weeks to reach equilibrium".

Gas prices are on a steady decline after Hurricanes Harvey and Irma. Refineries are getting back online.

The average cost for gas in NY was $2.45 cents before the hurricanes hit. A month ago (before Hurricane Harvey), it was $2.07.

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In Lee County, the Monday average was $2.62 per gallon, while the Naples area, now with almost all stations back online and operational, ran $2.67.

In the West, California has the most expensive gasoline. The highest was about $2.54 per gallon in the Marquette area.

Prices in the Bradenton-Sarasota region dropped by a nickel in the past week, falling to $2.65 on Monday, according to AAA's daily fuel tracker.

The next time you fill up, it may be cheaper.

The EPA requires stations to sell summer blends between June 1 and September 15, but it has allowed earlier sale of winter grades because of the hurricanes. "Things are beginning to level out a little bit", Jenkins said.

"For the second straight week, nearly every state saw average gasoline prices fall notably as refineries continue to heal after (Hurricane) Harvey and work on restoring production of motor fuels", DeHaan said.


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