Gas prices hit three-year high, but have begun to fall

Gas prices hit three-year high, but have begun to fall

The average retail price of a gallon of regular gas in Chattanooga fell by 2.8 cents per gallon in the past week, averaging $2.54 per gallon on Sunday, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga.

"Gas prices are poised to plummet 30 cents", Jenkins said.

From Aug. 29 to September 5, Pittsburgh-area pump prices increased 24 cents - the largest weekly spike in the region recorded since GasBuddy began keeping detailed data in 2007. Nonetheless, U.S., Gulf Coast and Texas price increases were the highest for a week since Hurricane Katrina in 2005.

"Unfortunately gas prices don't drop as quickly as they spike", AAA spokeswoman Tiffany Wright said. At this time a year ago, gas prices in Harrisburg were more than 50 cents per gallon cheaper at $2.34.

On a national scale, gas prices have fallen 4.7 cents this week.

The most expensive gas price averages in Georgia were in Atlanta at $2.78 per gallon, Athens at $2.73 and Valdosta at $2.70.

Patrick DeHaan, senior petroleum analyst with Gasbuddy, said prices are falling thanks to winter gas blend, less demand, and refineries coming back online after Hurricane Harvey.

Mark Jenkins, a spokesman for AAA and the Auto Club Group, said on Monday that the hurricanes were to blame but he sounded optimistic that prices would drop in the near future. CT remains at 7th place on the list of states with the highest gas prices in the nation. Plus, the threat of any new storms making landfall in the United States would compromise the collapse.

Alaska- $3.08/g, up 7.3 cents per gallon from last week's $3.00/g. During that time, in 2014, oil was the main driver of pump prices, as crude traded between $65 and $75 per barrel. 17, it had dipped to $2.71 per gallon. 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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