Gas prices are down two pennies in the city, while the region prices are up two cents this week, according to AAA East Central’s Gas Price Report.
In the city, the average price is now to $3.25. The region prices are at $3.34 a gallon.
With the height of summer in the rearview mirror, motorists are seeing some relief at the pump, as the national gas price average dropped by a penny on the week to $3.17. However, the recovery from Hurricane Ida remains slow, with the latest U.S. data showing just under half of the U.S. offshore oil production in the Gulf still idle after companies shuttered production ahead of the storm.
The constraint on stocks would typically lead to higher prices, but it has been offset by decreased demand going into the fall. In the week ahead, pump prices may be impacted by Tropical Storm Nicholas, which is expected to bring heavy rains and a storm surge to the Texas coast this week. If the tropical storm puts additional refineries offline, we are likely to see prices increase.
Timing is everything, and while supplies have tightened due to the slow recovery after Hurricane Ida, this is also the point when gas demand usually starts its seasonal decline. While there may be some price fluctuation, most motorists should begin to see stability at the pump.