Hurricane Harvey's effect on gas prices easing; Irma unlikely to raise cost

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Gas prices appear to have peaked in New Jersey last week, with the highest average price for regular at $2.80 a gallon reported on Wednesday by

"Small changes in Saskatchewan from an app that we've been working on are having a big impact down there". It also tops the highest price Americans have paid for gas in the past two years, when the average price reached $2.67 in August 2015, according to data from AAA. With the Colonial Pipeline shutting down last week due to a lack of products, Florida, the Southeast and the Mid-Atlantic region may be a touch-and-go area for gasoline.

AAA spokeswoman Marie Montgomery explained that while the latest hurricanes won't squeeze California's gas supply, betting on oil futures as Harvey aimed for Texas artificially boosted crude prices. After Harvey knocked out a quarter of the U.S.'s refining capacity, gas prices increased across the country.

Gasoline suppliers have struggled to keep up with demand from evacuees, and prices in Florida rose more than a penny to $2.726 per gallon Friday.

You may be asking yourself the following question: If prices skyrocketed after Hurricane Harvey, why wouldn't they climb after Irma? "We also had really protracted flooding in the area and it impacted the refineries".

Harvey and Irma both caused many gas stations to be flooded with people trying to fill up their cars to escape the path of destruction. The storm and its associated flooding took those refineries offline or reduced their output. "They're starting to get things back on line with that".

Gasoline prices can fall at the end of summer as demand from motorists falls off and global crude oil prices - the largest factor in the price of US gasoline - show no sign of rising.

Unfortunately, recovery efforts could be hampered by Hurricane Jose, which could move near Florida later this week.

Though Irma won't be another direct hit on the nation's major refineries, Maguire still issued drivers a word of caution.

Alabama Attorney General Steve Marshall warned Saturday that Alabama's price gouging law remains in effect, prohibiting high prices for goods and services and imposing fines on those who raise prices in order to profit from the storm.