Gas prices in region down about 30 cents following hurricane run-up

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AAA Northeast found in its weekly survey released Monday that the price of self-serve, regular is averaging $2.51 per gallon.

Price-tracking website GasBuddy said Monday that gas prices here fell 4.9 cents in the past week, slipping to $2.57 a gallon, near their pre-Harvey mark of $2.51 a gallon. The state with the cheapest average gas price in the region is Arkansas ($2.21) and the most expensive average in the region is Florida ($2.47).

AAA reported the biggest weekly declines were in the Tampa (10 cents), Orlando (10 cents) Punta Gorda (9 cents) and Bradenton-Sarasota markets. The national average price for a gallon of gas was also $2.47. Although Georgia gas prices are 30 cents less than a month ago, the state average remains 18 cents higher than this time previous year. The Great Lakes, which saw a large uptick, will likely lead the nation this week with declines.

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AAA officials say the gas prices continue to rebound after a heavy hit with higher prices following Hurricane Harvey that pounded the Gulf Coast in August and Hurricane Irma slammed Florida in September causing a spike in prices.

Gasoline prices decreased in a majority of states while rising in the Great Lakes due a regional phenomenon called price cycling in which prices drop quickly due to price wars but then suddenly spike once margins deteriorate to losses. Retail prices are still inflated by a little more than 10 cents, thanks to the hurricanes.

And motorists can expect another drop soon. Oil prices, however, remain elevated near $52 per barrel due to feuding in Iraq and continued talk that last November's oil production cuts may be extended by OPEC and non-OPEC countries.