Gas prices slide slows

Published 3:00 am Monday, October 16, 2017

VALDOSTA — While Lowndes County’s post-storm gasoline prices continued to slide in recent days, the pace of the drop slowed from previous weeks, according to statistics.

Sunday, the average price of a gallon of regular gasoline in Valdosta was $2.36 per gallon, down only a penny from the previous week, according to AAA’s Daily Fuel Gauge Report. In the previous week, the price dropped 13 cents during seven days, AAA said.

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The highest price reported in the city Sunday was $2.94 per gallon at a retailer on North Patterson Street, while the lowest price was $2.24 at a store on U.S. 84 west of Interstate 75, according to the price tracking website gasbuddy.com.

Gasoline prices across the Southeast were dealt a one-two punch by Mother Nature a month ago, first by Hurricane Harvey shutting down much of Texas’ refinery capacity and closing a major pipeline through Georgia, followed by Hurricane Irma sweeping through Florida and Georgia Sept. 10-11.

Millions of Floridians evacuated their homes ahead of Irma, causing a rush on fuel supplies just as the state’s fuel ports had to shut for the storm.

Nationally, the average price of gasoline Sunday was $2.47 per gallon, down from $2.50 seven days earlier, while Georgia’s average of $2.44 was down by eight cents in the same period, the auto club said.

In market action Friday, benchmark U.S. crude oil picked up 85 cents, or 1.7 percent, to $51.45 a barrel in New York. Brent crude, used to price international oils, gained 92 cents, or 1.6 percent, to $57.17 a barrel in London.

Wholesale gasoline rose 4 cents to $1.62 a gallon.

Terry Richards is senior reporter at The Valdosta Daily Times.