Gas Prices Soar Over Last Year, Down on the Month

20 December, 2017, 01:18 | Author: Kelly Sanders
  • Weak demand plus increased supply are likely to impact pump prices going forward

With gas prices down in both Rhode Island and MA, holiday travelers will have a little extra to spend on gifts.

August 30 is the date when gas prices began to rise in anticipation of Hurricane Harvey and the effect it would have on refineries in the Gulf Coast. Gas prices in Grand Forks are just under $2.45.

According to GasBuddy's daily survey of 170 gas outlets in Chattanooga, the average price of regular gas in Chattanooga fell to $2.08 a gallon on Sunday, or 33 cents below the US average. The Florida average is falling at a rate of a penny per day.

$1.99 per gallon in 2016, $1.75 in 2015, $2.23 in 2014, $3.06 in 2013 and $3.00 in 2012. That's down a fraction of a percent from Monday and 5 percent, or 13 cents per gallon, less than one month ago.

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There is still a potential for further reductions in price. The price did drop 12 cents from Thanksgiving, when US gas prices averaged $2.51 a gallon. The U.S. average is almost 20 cents higher than this time a year ago. Petersburg-Clearwater and Jacksonville regions. Prices at the pump have been estimated to drop as much as eight more cents by Christmas Day.

"As long as demand for gasoline continues to weaken, gasoline inventories will continue growing and it'll be the gift that keeps on giving", added Patrick DeHaan, a senior market analyst for GasBuddy.

Just in time for the holidays, gas prices in Florida have finally returned to pre-Hurricane Irma levels.

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