Gasoline prices slowly falling with bigger drops ahead

AAA Michigan: Gas prices drop 15 cents, highest in UP

"Gas prices are poised to plummet 30 cents", Jenkins added.

After weeks of hurricane-powered increases, gas prices in Lancaster County retreated 4.1 cents per gallon in the past week, says GasBuddy. That spike seems to have since curbed as refineries begin resuming operations, according to Lloyd Albert, senior vice president of public and government affairs for AAA Northeast.

Gasoline markets have stabilized but prices still remain high after Hurricane Harvey slammed the Houston area, temporarily knocking out refineries that produce roughly 25 percent of the country's gasoline.

Last week, gasoline hit the highest price in three years, the club said. The highest average price can be found in the Marquette area, where it's about $2.66 a gallon. In 2016, the average cost of gas was $2.44 per gallon and in 2012 it was $3.73 per gallon. Gasoline prices will continue to fall even as oil holds steady due to better supply and demand balance after Harvey. And as it recovers, prices are expected to continue to drop.

"Gas demand should drastically decline across the Carolinas by the end of September, as the Labor Day holiday signaled the end of the summer driving season", Wright said.

Looking down the road, the group said regular unleaded could drop below $2 a gallon by Christmas.

While there's been a drop in the prices this week - we're paying about 44 cents more than at the same point past year.

"Plus, the threat of any new storms making landfall in the United States would compromise the collapse", he said. During that time, in 2014, oil was the main driver of pump prices, as crude traded between $65 and $75 per barrel. California and Hawaii at $3.15 and $3.12, respectively, are the states with the highest average at $3.12. Although oil prices hovered around $46-$49 per barrel, the average price for gasoline in Florida has shot up 46 cents since August 22.



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