Economy

AAA: Gas prices should fall soon

AAA: Gas prices should fall soon”

"The wholesale price of gas is drifting back down as more refineries get back online".

Hurricane Harvey reduced US refining capacity by 31 percent, according to CNBC.

Several refineries impacted by Harvey have restarted, some are operating at reduced rates and some remain shut down.

- Gas prices in North Carolina have climbed an average of 40 cents a gallon since Hurricane Harvey hit two weeks ago., and industry observers say prices aren't likely to come down until later this month.

On Sept. 5, the statewide average price for regular unleaded gas was $2.62 per gallon- the highest average seen in two years.

Eighteen states saw an average one-week price increase of more 30 cents, ranging from 42 cents in DE to 36 cents in the Carolinas.

Motorists bracing for Hurricane Irma are lining up to fill their tanks with what fuel is left on the Treasure Coast.

Meanwhile, pipelines forced to take pre-cautionary shut downs caused by Harvey either have resumed operations or are in the process of coming back online.

The fate of gas prices hinge on Hurricane Irma, and the exact impact of the storm is still unknown.

TAP HERE for gas prices from AAA. But there is a bit of good news: The price is found in three locations – in Chico at a big box store, in Farmersville, at a convenience store and in Paradise, also at a convenience store.

"We have been working diligently and expeditiously to complete the fix work and restore service following Hurricane Harvey and the unprecedented flooding in the Gulf Coast last week", the press release said.

"The number of stations without gas has been rising generally across Florida", Patrick DeHaan, senior petroleum analyst with GasBuddy, said Thursday morning. She said South Georgia supplies are already being affected by the Irma exodus.

That surge came before Irma, which is setting up to be the costliest and most ferocious storm in US history.

"Every state has seen average gas prices rise, and Texas saw shortages at hundreds of stations", he wrote in a weekly update about the increases.

"RaceTrac is proactively working to mitigate supply issues caused by the effects of Hurricane Irma", said a statement from RaceTrac spokeswoman Liz McIntyre. The ten states that saw the smallest increases: Hawaii (+0.2 cents), Utah (+3 cents), Idaho (+5 cents), OR (+6 cents), Alaska (+6 cents), Washington (+7 cents), Nevada (+7 cents), MI (+8 cents), Arizona (+9 cents), Montana (+9 cents), IN (+10 cents).



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