Gasoline Falls to $2.62 as Florida, Texas Recover
Photo by Vince Taroc.
The national average price of regular unleaded fell to $2.62 per gallon, and reached a 14-day low that AAA attributed to a return to normal operations in Florida and Texas, following the impact of two major hurricanes.
The per-gallon price fell 5 cents on the week, which means cheaper gasoline in 45 U.S. states.
"Gas prices are dropping as the situation with refineries, pipelines and gasoline deliveries is positively progressing," said Jeanette Casselano, AAA spokesperson. "It looks like pump prices will continue on this declining trend into the coming weeks as the regions affected by Irma and Harvey resume normal operations."
Drivers in Indiana, Michigan, and Ohio have benefited the most from the falling prices, as those Midwest states have seen double-digit declines in the past seven days. Prices have fallen 18 cents, 15 cents, and 11 cents in those states respectively. Other states with significant declines include Delaware (12 cents), Illinois (10 cents), and Kentucky (10 cents).
States with the lowest gasoline prices now include Oklahoma ($2.31), Missouri ($2.34), Ohio ($2.37), Arkansas ($2.38), Louisiana ($2.39), Kansas ($2.40), Indiana ($2.41), Arizona ($2.43), Mississippi ($2.45) and Minnesota ($2.45).
The nation's gasoline inventory has been falling as well. The latest draw of 8.4 million barrels is the highest on record, according to the U.S. Energy Information Administration.
As Hurricane Irma bore down on Florida earlier this month, gasoline rose to $2.73 in the state, which was the highest since December of 2014.
Meanwhile, the average price of a gallon of diesel fell 1.6 cents to $2.786, which is 39.7 cents cheaper than a year ago.