Gas prices fell Monday morning to where they were before Hurricane Harvey hit Houston in late August.
The price of gasoline rose, on average, 20 cents since mid-August and nearly 30 cents since January, after oil refineries slowed production in anticipation of the hurricane. NYMEX gasoline futures were down more than 4 percent Monday morning, reaching levels last seen Aug. 24, just before Harvey made landfall in Texas.
Major oil refineries resumed operations Monday, which explains the drop in gasoline prices as more supply entered the marketplace. Valero’s Texas refinery is reportedly the only refinery to be operating at pre-Hurricane Harvey levels, pumping out roughly 225,000 barrels of oil per day.
Oil production in the Gulf of Mexico was still down as a whole Sunday. Refineries in the Gulf were producing only 96,000 barrels of oil a day Sunday, down from an average of 400,000 barrels per day.
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