Laura has little effect on gasoline prices even after refineries closed ahead of storm

Hurricane Laura, which largely left Texas and Louisiana refineries unscathed as it made landfall early Thursday, also had little effect on gasoline prices.

Prices were unchanged in Houston over the past week, even as major refineries in southeast Texas and Louisiana shut down ahead of the Category 4 storm. Gasoline averaged $1.80 a gallon Houston on Monday, down a penny from a month ago and 46 cents from a year ago.

Nationally prices rose about 4 cents to an average $2.22 a gallon, 4 cents higher than a month ago. Over the year, gas prices nationally have fallen about 34 cents a gallon, according to GasBuddy.

Prices have likely peaked and should begin to fall as demand wanes with the end of the summer driving season, according to fuel price tracking website GasBuddy. They have moved within a narrow range in recent weeks as crude prices have stabi

lized around $40 a barrel. Crude was trading at above $43 a barrel Monday morning.

Gasoline prices initially move higher last week with the shutdown of Gulf Coast refineries coupled with higher demand, but those effects are expected to wane as refineries restart in the aftermath of Hurricane Laura and

the summer comes to an end, said Patrick De Haan, head of petroleum analysis for GasBuddy.

“The rebound in demand comes with just a week left in the summer driving season and isn’t expected to continue ,” he said.

“Once Labor Day is over … demand will likely move lower. In addition, the switch back to cheaper winter gasoline will happen in a few weeks, giving more potential downward momentum for prices.”