Harvey helped push gas prices to new heights. What could Irma do?

Just as gas prices were starting to stabilize and refineries in Texas were returning to full capacity in the wake of Hurricane Harvey, here comes Irma.

In the days after Harvey made landfall in Texas, costs spiked in the Bradenton-Sarasota area and across Florida, pushing prices to their highest level of 2017.

Now, coming off the most-expensive Labor Day weekend gas prices in three years, motorists shouldn’t expect much relief this week as anxious Floridians await Irma’s path.

“Gas prices are reaching a point where they should begin to plateau,” AAA spokesman Mark Jenkins said. “Unfortunately, for motorists in the southeastern U.S., they may not see prices move lower until Hurricane Irma is long gone.”

According to AAA’s daily fuel tracker, gas prices were averaging $2.67 for a gallon of regular unleaded on Tuesday in the Bradenton-Sarasota area to rank among the most-expensive regions in the state.

A week earlier, as Harvey still was working its way through the Houston area, the average price in Bradenton was $2.30 per gallon. Moreover, the average price in Florida ($2.68) on Tuesday was higher than the national average ($2.65) for one of the few times this year. It also was the highest in the Sunshine State since mid-July 2015.

“Thanks to Harvey shutting down an extensive amount of refining capacity, the national average gasoline price saw its largest weekly jump since Katrina hit the Gulf Coast in 2005 when the national average jumped 49 cents in a week,” GasBuddy senior petroleum analyst Patrick DeHaan said.

GasBuddy’s daily survey of local outlets reported identical average prices – $2.67 per gallon – on Tuesday in Manatee, Sarasota, Hillsborough and Pinellas counties.

The West Palm Beach-Boca Raton region had the state’s highest average at $2.74 per gallon, while Jacksonville and Fort Myers-Cape Coral ($2.61) were the least expensive.

“Retailers will not be in a big hurry to lower prices for a number of reasons,” Jenkins said, noting the potential danger Irma could bring to Florida.

Before Hurricane Irma intensified, reaching Category 5 strength on Tuesday, analysts said prices both locally and nationally would start to significantly decline by mid to late September since Texas refineries were reporting no significant damage from Harvey and because the summer driving driving would have passed.

With Florida already under a state of emergency and in Irma’s path, Florida “may be a touch-and-go area” for the forseeable future, DeHaan said.

This story was originally published September 5, 2017 at 9:11 AM with the headline "Harvey helped push gas prices to new heights. What could Irma do?."