Gas prices fall 3 cents

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Gasoline prices in Tacoma have fallen 3.2 cents per gallon in the past week, averaging $3.32 per gallon, according to GasBuddy’s daily survey of 271 stations in Tacoma. This compares with the national average that has increased 0.5 cents per gallon versus last week to $2.84 per gallon.

Including the change locally during the past week, prices were 29.8 cents per gallon higher than a year ago and are 2.5 cents per gallon lower than a month ago. The national average has increased 0.5 cents per gallon during the last month and stands 23.8 cents per gallon higher than a year ago.

“With several areas of tropical weather moving away from the U.S. comes some breathing room for energy markets, with oil prices under pressure as the risk premium subsides, setting the stage for some relief at the gas pump as we progress through the week,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Despite the tremendous blow and flooding of the Carolinas, Florence’s impact on oil delivery and refinery operations was next to nothing. Florence may make an impact on local pipelines in Florence’s path with power loss and flooding possible issues, but problems will be worked around as life pauses in these areas and where we see considerable demand destruction taking place as floods keep motorists from moving. In addition, this week marks the first full week of cheaper winter gasoline across most of the country as EPA regulations see their seasonal ease. This, coupled with lower demand in the weeks ahead, will push retail gasoline prices lower.”

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