Region's gas prices falling as demand returns to normal

Posted September 27, 2017

At $2.66 per gallon, retail prices in Florida are 1.6 percent lower than last week.

Oil prices on the global markets rose to a 7-week high last week and local fuel gas stations are still feeling the effects of the recent storms.

As of Monday, the most expensive gas price averages are in Nashville ($2.59), Johnson City-Kingsport-Bristol area ($2.53), Clarksville-Hopkinsville ($2.53) and Chattanooga ($2.52).

Prices rose quickly after Hurricane Harvey hit the Texas Gulf Coast last month, forcing many refineries to curtail production. Supply and demand levels are new returning to normal, and prices are on the decline. "Since gas prices decline much slower than they rice, it could take a few weeks to reach equilibrium".

AAA spokesman Mark Jenkins says now that the worst is over, gas prices are starting to balance out.

The national gas price average has dropped for 16 straight days and AAA Mid-Atlantic says they will continue to go down, but not as quickly as they rose following Hurricane Harvey's landfall last month.

Pueblo's average price of $2.45 was down 2 cents from a week ago.

Gasoline prices are drifting lower from their post-Hurricane Harvey spike, but remain significantly higher than this time a year ago.

Data shows that gas prices in the Tri-Cities have dropped almost 6 cents since last week. A month ago, the average was more than 35 cents lower. After topping out close to $2.70 a gallon, gasoline prices have been going down over the last two weeks.