Gas Prices Start To Drop
- Author: Sonia Alvarado Sep 27, 2017,
Sep 27, 2017, 0:11
Prices at the pump are falling, after Hurricane Harvey made them skyrocket.
He said that the reason gas prices haven't come back down to pre-Harvey levels is complex. According to motor club AAA, most of the retail stations in Florida, which saw severe shortages in the wake of Hurricane Irma, are well supplied.
Lancaster area gasoline prices on September 25 in Lancaster have ranged widely over the last five years, from a low of $2.32 a gallon in 2015 to a high of $3.84 a gallon in 2012.
AAA found self-serve, regular selling in MA for as low as $2.41 per gallon and as high as $2.79.
Oil Prices Rise On Huge Draw In Gasoline Stocks
Over the last month, crude oil imports averaged about 7.6 million barrels per day, 7.4% below the same month previous year . There was also further positive sentiment following the latest IEA monthly report which revised up its demand forecasts.
Kentucky prices yesterday were 25 cents per gallon higher than the same day one year ago and are 16 cents per gallon higher than a month ago.
Including the change in gas prices in Minnesota during the past week, prices Sunday were 27.9 cents per gallon higher compared to the same day one year ago and are 13.7 cents per gallon higher than a month ago.
Also, Florida is expected to consider setting up gas reserves as a way to counter the widespread shortages that spread across the state after millions of residents were told to evacuate ahead of Hurricane Irma.
Shale oil production in the United States is reaching record highs, putting a damper on OPEC's attempts to reduce the glut of oil in world markets. "Consumers may not be impressed with the speed at which prices are dropping, but they should feel confident that they will see lower prices moving into the fall". Hurricane season ends November 30. Some analysts don't expect a final decision until OPEC's next official gathering in November.