Gasoline futures declined Friday after surging to the highest price in three and a half weeks on Thursday amid hurricane fears.
The front-month RBOB gasoline contract closed at $2.93 per gallon Friday, down 3 cents, or 1.1 percent. The more actively traded contract for October delivery closed at $2.78 per gallon, down nearly 2 cents, or 0.7 percent. For the week, gasoline futures were up nearly 3 percent.
While the risk of flooding and power outages from Hurricane Irene is a serious consideration for East Coast refineries, which process about 1.3 million barrels of crude oil a day, no refiners have announced they are starting to shut down yet.