Gas Prices Decreasing After Hurricanes Harvey And Irma

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In Jacksonville, the average fell 4 cents to $2.64 on Monday, according to AAA. However, compared to this time past year, Florida drivers are paying 52 cents more for a gallon of gasoline. An over-supplied market past year pushed crude oil prices to historic lows.

The spike in gasoline prices that followed Hurricane Harvey is beginning to subside.

The Great Lakes region is usually the most volatile in the country and that market had to make adjustments in the wake of Harvey, though a weekly jump in gasoline inventories led to big declines in gas prices.

Now, levels are returning to normal and prices are on the decline.

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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. That's 19.6 cents higher than a month ago and 34.74 cents higher than a year ago.

"Gas prices are getting cheaper by the day", said Jeanette Casselano, a AAA spokesperson.

Data shows that gas prices in the Tri-Cities have dropped almost 6 cents since last week. The national average for regular gas is $2.57. Companies have reported that roughly two dozen storage tanks holding crude oil, gasoline and other fuels collapsed or otherwise failed during Harvey, spilling a combined 140,000 gallons of fuel, according to an Associated Press analysis of state and federal accident databases. The recent surge in prices also wasn't enough to push the YTD gain to an above average move.

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