AAA: Gas Prices Continue To Decline, More Discounts On The Way

By  //  May 8, 2017

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Crude oil prices averaged $47.21 per barrel last week

Florida gas prices averaged $2.37 on Sunday, the lowest in more than a month. Pump prices fell 5 cents in the past week, and motorists will see another round of discounts this week, according to AAA spokesman Mark Jenkins.

FLORIDA – Florida gas prices averaged $2.37 on Sunday, the lowest in more than a month. Pump prices fell 5 cents in the past week, and motorists will see another round of discounts this week, according to AAA spokesman Mark Jenkins.

Florida is 8th among states with the largest weekly decline at the pump (#1 was Ohio). Click here to view state and local averages.

After peaking at $2.47 on April 21, the average price has declined for the last 16 consecutive days, for a total discount of 10 cents.

“Gas prices are falling due to continued high production rates from U.S. refineries, moderate demand, and a recent drop in crude oil prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

“If this trend holds, gasoline will be near or below year-ago levels by Memorial Day, and rival prices seen last summer.”

Gas prices are falling closer to year-ago levels. In February, gas prices were 54 cents higher than the year before, now the difference is down to 16 cents.

The most expensive metro markets are West Palm Beach/BocaRaton ($2.46), Miami ($2.41), and Fort Lauderdale ($2.41)
The least expensive metro markets are Orlando ($2.33), Tampa/St. Petersburg ($2.34), and Pensacola ($2.34)

Last year, the state average was $2.25 on Memorial Day, and averaged $2.19 from June 1 – August 31, 2016.

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FUEL FUNDAMENTALS

  • Crude oil prices averaged $47.21 per barrel last week, the lowest weekly average since November 18.
  • U.S. crude inventories fell 0.1 percent
  • Domestic crude production increased 0.3 percent
  • Refineries operated at slightly lower than record highs seen last week.
  • The U.S. rig count increased by another 7 this week to a total of 877 – that’s more than double the amount from this time last year.
  • Wholesale gasoline plunged on Thursday, losing nearly 20 percent value compared to highs seen in mid-April.
  • Gasoline production increased 0.75 percent
  • Gasoline supply increased 1 percent over the week before
  • Gasoline demand declined for the third consecutive week. Demand was especially high last year, due to lower gas prices.

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