Economy

Gas prices still rising in metro Detroit after Hurricanes Irma, Harvey

Gas prices still rising in metro Detroit after Hurricanes Irma, Harvey”

You may be asking yourself the following question: If prices skyrocketed after Hurricane Harvey, why wouldn't they climb after Irma?

"The national average gasoline price appears to have peaked last week Thursday at $2.67 per gallon and is beginning to slowly decline for the time being". It had gone as high as $2.65 in Indiana.

Oklahoma- $2.36/g, down 0.7 cents per gallon from last week's $2.36/g.

According to GasBuddy, the average price in gas rose.3 cents per gallon in the past week with the average at $2.64 per gallon.

Trilby Lundgberg, with the Lundberg Survey, agreed with DeHaan. "We're still in a cheap era for energy prices".

AAA expects gas prices to be held in check up and down the gasoline supply chain, including prices set by refiners, distributors and dealers unless there is a clearly justifiable reason for an increase.

Energy expert Bruce Bullock said it had a lot to do with the shutdown of refineries near the Gulf Coast and sheer panic at the pump.

"Irma's case it's mostly of demand and some infrastructure, obviously", said Lundberg, talking about what effect that hurricane may have on prices.

"With summer driving season now over, motorists stand to benefit from falling demand, which will help refineries bring gasoline inventories back to normal and thus gas prices, but as many Americans are now acutely aware, the impact on gas prices can outlive a storm, especially one like Harvey".



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