Drivers in the South see the lowest pump prices as Gulf Coast production ramps up.
The impact of last month’s series of hurricanes continues to linger on gas prices, with the national average price for gas at $2.46 per gallon, 24 cents more than a year ago, but down 17 cents from the peak price of $2.67 in September, according to a report by AAA.
Georgia has seen a 29-cent drop in pump prices compared to last month, the largest monthly decrease of all states. Its average gas price now stands at $2.39. Hawaii has the most expensive gas at $3.11, followed by California at $3.03.
Drivers in the South are enjoying the lowest pump prices in the country with Arkansas ($2.20), South Carolina ($2.21) and Mississippi ($2.21) with lowest average pump prices.
The latest EIA report shows the Gulf Coast is ramping up production following last month’s storms, increasing gasoline production by 107,000 barrels per day, which has helped ease prices at the pump in the South.
AAA reported that the upcoming OPEC meeting scheduled for Nov. 30 in Vienna will help the market assess the 2018 outlook for oil prices. At the meeting, OPEC and non-OPEC members who have agreed to cut production through March 2018 will discuss the status of the agreement and may decide to take additional measures to deepen the agreement’s market impact.