Gas Prices Down Again at the Pump in Columbia

Gas Prices Down Again at the Pump in Columbia

The average retail price for a gallon of gasoline in the United States has been on a steady decline for most markets through October, following seasonal trends.

Never has that been more evident than with hurricanes Harvey and Irma.

Michigan's lowest average price was about $2.50 per gallon in the Marquette area. In nearby San Bernardino and Riverside, prices dropped to $2.94 per gallon and $2.97 per gallon respectively.

"While recent actions from OPEC may cause oil prices to hold above the key $50 per barrel level, there is no threat of a quick return to the $3 per gallon days", he said in a prepared statement.

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.

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In the Great Lakes region, the most volatile market in the country, numerous states there have the most expensive gas in the country. The average price of $2.46 per gallon is more or less unchanged from last week, 12 cents per gallon less than one month ago, but 24 cents higher than on this date past year. "Now the market has stabilized and crude oil prices are coming back down". The cycle then repeats.

Retail prices remain about 5-10 cents higher than where they should be. Meanwhile, oil prices gained nearly a dollar last week after the EIA reported a 5.7 million barrel decline in oil supply and a 1 million barrel drop in production. Gasoline supply is still up slightly, while demand is down about 3.6 percent from the previous week, continuing to deflate gas prices.

In fact, the national average may continue to decline for a few weeks before leveling off as gasoline inventories continue to heal after Harvey.

Barring some unforeseen disruption in production/supply, Redman said fuel prices should continue to fall now that the transition to winter fuel is complete.

“On September 14, pump prices in Idaho peaked for the year at $2.78 per gallon, and some of the highest prices were paid in the Boise Metro area, ” said Matthew Conde, AAA Idaho spokesman, in a press release.

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