Bradenton gas prices closing in on pre-Hurricane Harvey levels

Falling fuel prices continue to approach their pre-Hurricane Harvey levels, with costs dropping for the 39th consecutive day on Monday in the Bradenton-Sarasota area.

Still, nearly two months after the Category 4 hurricane made landfall in Texas and triggered widespread cost spikes, prices remain well above normal for late October.

The good news? Costs across the region and the state should continue to fall for a seventh consecutive week.

The average cost of a gallon of regular unleaded on Monday in the two-county region was $2.36, down 5 cents in the past week but about 12 cents above the pre-Harvey average, according to AAA’s daily fuel tracker.

The hurricane knocked out about a quarter of the nation’s oil refining capacity, causing gas prices to climb nearly 20 percent. That, coupled with Hurricane Irma’s mass evacuations that caused demand to spike across Florida, pushed the state average to a three-year high of $2.73 in mid-September.

With statewide prices having dropped 30 cents in a little more than a month, it’s likely costs will fall below pre-Harvey levels before long, especially as refineries switch to less-expensive winter-grade fuels that don’t have to withstand as much heat.

“Motorists should expect another round of discounts at the pump this week,” AAA spokesman Mark Jenkins said. “Retail prices remain about 5-10 cents higher than where they should be.”

According to data collected by GasBuddy, which tracks fuel pricing, the average price on Monday at Manatee County stations was $2.33 per gallon, with Sarasota County outlets slightly higher at $2.36. Some of the state’s least-expensive fuel can be found nearby in Pinellas ($2.24) and Hillsborough ($2.29) counties.

The national average of $2.46 remains slightly above the statewide average of $2.42.

“The national average gas price is lower for the sixth straight week, the longest such decline since the summer of 2016,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Perhaps even more wild is that the national average has now remained under $3 per gallon for nearly three years.

“In fact, the national average may continue to decline for a few weeks before leveling off as gasoline inventories continue to heal after Harvey.”

This story was originally published October 23, 2017 at 9:40 AM with the headline "Bradenton gas prices closing in on pre-Hurricane Harvey levels."