Friday, August 17, 2018
Business

That gasoline you were able to find? It was up 50 cents over past month

If you were able to find gas last week post Hurricane Harvey and in the run-up to Hurricane Irma you paid mightily for it. Average gas prices hit $2.70 a gallon Sunday, according to GasBuddy's survey of 1,260 gas outlets in Tampa Bay released Monday morning.

That's up a whopping 50 cents over the past month and up about 5 cents just this past week.

But relief is in sight, analysts say.

"Harvey may be long gone, but his wrath continued to drive gasoline prices up in much of the country in the last week. However, the effects are finally starting to weaken as refineries return to production and fuel begins to flow once again from many Houston refineries," said Patrick DeHaan, senior petroleum analyst for GasBuddy.

"The national average gasoline price appears to have peaked last week Thursday at $2.67 per gallon and is beginning to slowly decline for the time being.

"Once again, motorists shouldn't expect to see any impact from Irma on gasoline prices due to the path being a considerable distance from sensitive areas of the energy sector. With summer driving season now over, motorists stand to benefit from falling demand, which will help refineries bring gasoline inventories back to normal and thus gas prices, but as many Americans are now acutely aware, the impact on gas prices can outlive a storm, especially one like Harvey."

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