Gas prices may have peaked in northern New England

Trevor Jackson
September 12, 2017

October Natural Gas settled at $2.890, down $0.180 or -5.86%.

On the flip side, as the southeastern USA gets hit by Irma, gas prices are likely to continue climbing throughout the region.

The build was in line with the 64 bcf injection projected by analysts in a Reuters poll, but above the 38 bcf build during the same week a year ago and a five-year average build for that week of 58 bcf. At this time, Hurricane Irma is moving near the Florida Keys. Drivers in Florida and the coasts of Georgia and SC flocked to gas stations last week to fill up gas tanks.

Prices had already been on the upswing thanks to Hurricane Harvey closing down a significant amount of America's refinery capacity in Texas when Hurricane Irma stormed into view, packing Interstate 75 with Florida residents fleeing north. Harvey also forced the temporary shutdown of the Colonial Pipeline, which delivers much of Georgia's gasoline. Port Everglades, which is the main seaport servicing South Florida with petroleum products, stated it has at least a week of fuel stored on-site.

According to AAA's Fuel Price Finder, the price at the pump was as low as $2.55 in the Capitol Trail-Kirkwood Highway area between Wilmington and Newark. Locate gas prices across the country can be found at http://gasprices.aaa.com.

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Average retail gasoline prices in Chattanooga have risen 4.4 cents per gallon in the past week, averaging $2.56 per gallon on sunday, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga.

Georgia was averaging $2.757 on the AAA survey and $2.762 on GasBuddy's on Monday.

DeHaan said motorists should not expect to see any impact on gasoline prices due to Hurricane Irma because of the path the storm is expected to take.

"With summer driving season now over", he said, "motorists stand to benefit from falling demand, which will help refineries bring gasoline inventories back to normal and thus gas prices".

Other reports by TheDailyFarc

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