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Sep 18, 2017 |
As South and Southeast states recover from Hurricanes Harvey and Irma, motorists in 45 U.S. states are paying less for a gallon of gas on the week. At $2.62, today’s national gas price average is the cheapest in 14 days and five cents less than last week.
“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.”
Midwest motorists are benefiting the most with a few states -- Indiana, Michigan and Ohio -- seeing gas prices plummet by the double-digits inside of seven days. Meanwhile, some states in the West Coast and Rockies are seeing gas prices increase.
Locally, South Jersey motorists saw prices drop either cents in the past week, from last week’s price of $2.72. Today’s price of $2.64 is still 32 cents per gallon higher than last month ($2.32), and 71 cents more than one year ago ($1.93).
As gas prices drop for the majority of the country, so does the nation’s gasoline inventory. The latest Energy Information Administration (EIA) report identifies the latest draw of 8.4 million bbl as the highest on record, much of which can be attributed to motorists fueling up in the droves in anticipation of Hurricane Irma.
“Next week’s EIA report may bring another record-demand level as a continued result of Irma, but demand is expected to sharply decline across the country by the end of September,” added Casselano.
Florida Gas Supply & Gulf Coast Refineries
Last week, at $2.73, Florida’s saw its highest gas prices since December 2014. The spike came as many gas stations faced outages as power was down and roads impassable. The good news is that in the last seven days, the state’s average has shaved off one cent. In addition, ports are open and receiving steady streams of tanker shipments as state officials continue to work with gasoline trucker and shippers to ensure timely delivery of product to retail stations. Reports indicate that the gas station gasoline outage situation is improving as stations receive deliveries.
Similarly, positive progress is being seen in the Gulf Coast. According to the Department of Energy, a total of six Gulf Coast refineries are operating at reduced rates, which is one more refinery than last week. These six facilities make-up 13 percent of refining capacity in the U.S. Five refineries continue to operate at reduced rates and three remain shut down, which represents a total of 10 percent of U.S. refining capacity.
It will likely be a few more weeks before the regions affected by Irma and Harvey are back to normal operations. Not a threat to make landfall, Hurricane Jose, a Category 1, is well off the shore of North Carolina. Currently, Hurricane Maria is closing in on the Leeward Islands and is expected to affect the British and U.S. Virgin Islands and Puerto Rico by mid-week, according to the National Hurricane Center. Hurricane season ends on November 30.
Quick Stats
Mid-Atlantic and Northeast
With a 12-cent state gas price average decrease, Delaware had the largest price drop in the region, followed by Maryland (-8 cents), New Jersey (-5 cents), Virginia (-5 cents) and Maine (-4 cents). All states are selling cheaper gas on the week while Pennsylvania ($2.87), Connecticut ($2.85), the District of Columbia ($2.85) and New York ($2.81) land on this week’s top 10 states with the most expensive gas.
At 5.7 million bbl, the region saw the country’s largest draw in gasoline supplies, according to an EIA report. It can be assumed that a portion of the draw accounts for supply shipments directed to the south in response to tightened supplies caused by Irma and Harvey.
Oil market dynamics
Last week, the price per barrel of WTI closed at $49.89. U.S. crude prices remained below $50 per barrel as of Monday morning. Since Hurricanes Harvey and Irma hit the U.S., oil prices have not spiked like gasoline prices did despite a quarter of the refining capacity in the country being offline due to Harvey.
As refineries work to reach pre-storm capacity levels, oil inventories may decline in the coming weeks as refineries turn to storage tanks to meet demand needs. Given that the fall driving season tends to be less demand-driven, any declines in inventories are likely to keep pace with demand.
As expected, EIA’s report last week showed a drop in crude input flows to 14.4 million b/d, illustrating that refineries affected by Harvey are taking in less oil as they resume normal operations. Any indication that the U.S. supply appears to be tightening could lead oil prices to rise. Moreover, falling by seven rigs last week, Baker Hughes reports that active oil rigs in the U.S. sit at 749.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also be used to map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com/mobile.