Gasoline prices slowly falling with bigger drops ahead

The decline in price is the first reported since August 21 when prices declined by three cents per gallon.

Hurricanes Harvey and Irma are to blame for the spike and sticky high prices, according to AAA.

Gasoline markets have stabilized but prices still remain high after Hurricane Harvey slammed the Houston area, temporarily knocking out refineries that produce roughly 25 percent of the country's gasoline.

After rampant speculation; a series of devastating hurricane and media hype, average gas prices in CT and on the national level are on the downswing, according to AAA Northeast.

Despite the downward trend, the average cost of a gallon is almost 36 cents higher than one year ago and 50.3 cents per gallon higher than a month ago.


"Hurricanes Harvey and Irma delivered a 1-2 punch on gas prices in the southeastern US", said Mark Jenkins, spokesman for AAA. During that time, in 2014, oil was the main driver of pump prices, as crude traded between $65 and $75 per barrel.

"Gas demand should drastically decline across the Carolinas by the end of September, as the Labor Day holiday signaled the end of the summer driving season", Wright said.

Giang said a 10 cent or even 20 cent raise does not make that much of an impact on people's budgets, however since gasoline is something people are always buying and are always seeing the price of, they always seem to notice the change.

After an uptick in prices caused by Hurricane Harvey, gas costs have once again stabilized and are down one cent per gallon this week. Not a threat to make landfall, Hurricane Jose, a Category 1, is well off the shore of North Carolina. The statewide average was $2.71 on Monday compared with $2.255 a month ago. Previous year at this time, gas was $2.24 per gallon in IL.

The least expensive gas price averages in Georgia were in Augusta-Aiken at $2.62, Columbus at $2.63 and Macon at $2.63.


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