The national average gasoline prices increased 30.4 cents per gallon last month and prices are 48.1 cents per gallon higher than they were this time past year. "After that, oil prices will settle back into the familiar $45 - $50 range we've seen in recent months".
Today, Oklahoma and Missouri are the two states registering the lowest averages in the nation at $2.31 and $2.34 respectively.
"Gas prices should come back down to earth just as fast as they went up, but right now, my worry is they will not fall as fast as they should", he said in a statement.
The average price of regular unleaded statewide hit a high $2.73 per gallon on Sept 14, surpassing the previous three-year high in December 2014. The price of a gallon of regular is now down a penny nationwide, according to a AAA report last week.
"The good news is that we expect prices will continue their downward trend in the next several weeks, as areas affected by Irma and Harvey recover and we continue to see positive progress with refineries, pipelines and gas deliveries".More news: Greg Olsen Ruled out vs. Bills with Foot Injury
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Of the ten MI metro areas surveyed by AAA for self-serve unleaded fuel prices, the lowest average price can be found in the Saginaw/Bay City/Midland area where it's about $2.49 a gallon. The national average is $2.60 per gallon. California and Hawaii at $3.15 and $3.12, respectively, are the states with the highest average at $3.12.
After an uptick in prices caused by Hurricane Harvey, gas costs have once again stabilized and are down one cent per gallon this week.
"It still will take time to completely heal from the issues Harvey and Irma left, particularly due to the large scale disruptions of fuel logistics and production, but improvement will continue both with lower retail prices and high refinery output".
Patrick DeHaan, senior petroleum analyst for GasBuddy, says with refineries continuing to get back online and demand cooling off from summer travel, prices could drop further. Although oil prices hovered around $46-$49 per barrel, the average price for gasoline in Florida has shot up 46 cents since August 22.