With the latest Energy Information Administration (EIA) reporting gasoline demand down 281,000 b/d from the week prior, retail gas prices are showing steady promise of returning to pre-hurricane rates.
On this day last month, gas prices in North Carolina averaged $2.64 while Oct. 9 they average $2.44 – a 20 cent drop over the month. On this day last month in South Carolina, gas prices averaged $2.56 while today they average $2.33 – a 23 cent decrease.
Prices are starting to plunge as refineries in the South East are beginning to operate at full capacity again. Full production coupled with efforts to deliver supplies at a higher rate have begun to restore gas station supplies to a more comfortable level. In addition, demand has gone down as road travel tends to lessen in the fall/winter season.
Hurricane Nate is not expected to slow oil productions or have an effect on the price of gasoline.
Below is a chart tracking the decline of prices as of October 9, 2017: