Local gas prices drop 8.6 cents last week

Share

Gas prices in MI are up about 3 percent from last week to $2.57 per gallon, which AAA said was because gasoline inventories in the region are about 3.5 million barrels below where they were previous year.

In Illinois, the average gas prices was $2.54 on Tuesday, with the cheapest gas being in Paris, Illinois, at $1.96 a gallon. "Drivers continue to pay in excess of 20 cents more for a gallon of gasoline than they did in 2016, which may prove challenging for those looking to put away some extra cash for the holidays".

In Central Florida, there also is steep competition from national competitors Wawa, 7-Eleven and RaceTrack, which can buy their own unbranded gasoline and try to undercut competitors.

The national average for a gallon of gas fell more than penny last week as refineries continue to boost production in the wake of the late summer hurricanes.

Gas prices in Lancaster County have been extremely volatile over the past decade.

More news: The update released by the Big Nintendo Switch adds interesting new features
More news: Ewan McGregor Splits From Wife Of 22 Years, Eve Mavrakis
More news: Google delaying some Pixel 2 shipments until late November

Retail prices remain about 5-10 cents higher than where they should be.

“According to the Energy Information Administration, domestic crude oil exports have increased to 1.8 million barrels per day, ” Conde said. Gasoline supply is still up slightly, while demand is down about 3.6 percent from the previous week, continuing to deflate gas prices.

But prices might keep heading downward a little longer, said Patrick DeHaan, head of petroleum analysis for GasBuddy, a price-tracking website that monitors 147 gas stations here. "Perhaps even more wild is that the national average has now remained under $3 per gallon for almost 3 years, or 1,087 days as the days of cheap oil have continued".

While not quite back to pre-Hurricane Harvey levels, gas prices continue to work their way down locally and around the country.

Prices have fallen for six straight weeks, but are still almost a quarter higher than they were a year ago, according to AAA.

Share