Gas prices dropping in northern New England

Gas prices dropping in northern New England

The drop of 7.0 cents per gallon, following a decline of 4.1 cents the prior week, lowered the average price here to $2.76 per gallon, says fuel-price website GasBuddy.

According to GasBuddy, prices have fallen 8.6 cents per gallon in the past week to $2.41 per gallon average price.

According to data from the U.S. Energy Information Administration, U.S. refiners operated at 83.2% in the week ending September 15th, a rise from 77.7% the week earlier, but still notably lower than the 96.6% the week prior to Hurricane Harvey's arrival. That's about 23 cents more than at the same point a year ago.

Now supply and demand levels are returning to normal, and prices are on the decline. At the peak, almost 28% of all USA refining capacity was offline, creating a deficit of over 2 million barrels per day of refiner production.

Patrick DeHaan, senior petroleum analyst for GasBuddy, says it may take weeks or months to see gas inventories recover fully from the hurricanes.

AAA of MI says gas prices continue to fall after two hurricanes sent prices soaring earlier this month.

Last week, the AAA said Midwestern states were benefitting the most, with gas prices plunging by "double-digits" in states including Indiana, Michigan and Ohio.

Ticking slowly and steadily, regular gas prices have receded for the last 10 consecutive days. Still, prices are 20.1 cents higher than the August average of $2.356.

Gas in San Francisco was the highest in the contiguous United States at an average of $3.18 a gallon.