Gas prices drop in IL, across America

Gas prices drop in IL, across America

Gas prices drop in IL, across America

According to AAA Carolinas, the current average for gas in South Carolina's is $2.51 - 4 cents less than a week ago. The decline in price is the first reported since August 21 when prices declined by three cents per gallon.

Leading the nation with the lowest gas prices: Oklahoma ($2.33), Missouri ($2.34), Arkansas ($2.36), Kansas ($2.39), OH ($2.39), Louisiana ($2.40), IN ($2.45), MS ($2.45), Minnesota ($2.46), and IL ($2.46).

According to the U.S. Department of Energy, a total of six Gulf Coast refineries are operating at reduced rates.

"Hurricanes Harvey and Irma delivered a one-two punch on gas prices in the southeastern U.S.", Jenkins said. He says hurricane-related spikes are historically dramatic, but brief.

Last week, at $2.73, Florida's saw its highest gas prices since December 2014. The Northeast is prevalent in the most expensive areas due to gasoline supply being diverted to the Gulf and Florida after Hurricane Harvey, leading prices to soar.

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As gas prices drop for the majority of the country, so does the nation's gasoline inventory.

Motorists in the Las Vegas Valley can enjoy a dip in gasoline prices.

AAA Michigan reports that the statewide average daily gas price decreased about 15 cents in the past week.

"With refineries continuing to get back online and with demand cooling off from the summer months, we have more room to see the national average drop in the week ahead", said Patrick DeHaan, senior analyst for GasBuddy, a consumer website. The national average stood at $2.63 per gallon on Sunday.

Hedge funds and other money managers raised their net long position in USA gasoline futures and options to 69 million barrels in the week to September 12, the highest level since May 2014. 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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