AAA: Gas Prices Continue To Drop, Flirting With New 2017 Lows

By  //  June 19, 2017

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Gas prices moving toward their lowest point since December

The state average dropped 6 cents during the past week and is 3 cents less than this time last year.

FLORIDA – Motorists are beginning to find some of the lowest gas prices of the year.

Florida gas prices averaged $2.27 on Sunday.

The state average dropped 6 cents during the past week and is 3 cents less than this time last year.

Florida ranked #5 among states with the biggest weekly decline. The Florida average should continue diving lower this week and set a new 2017 low in the next day or two. The lowest state average so far this year was $2.26 on March 20. When the state average drops below $2.26, it would be the lowest since December 2016.

The state average is on a 15-day streak of declines, falling a total of 10 cents since June 3, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express.

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– The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.37), Miami ($2.33), Fort Lauderdale ($2.32)

– The least expensive gas price averages in Florida are in Tampa-St. Petersburg-Clearwater ($2.21), Orlando ($2.22), and Bradenton-Sarasota-Venice ($2.24)

What’s Pushing the Price Plunge?

“The plunge at the pump comes as oil prices took a pounding for the third week in a row,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Markets moved lower after another round of supply data showing high U.S. and global refinery production. American motorists are the big winners here, as they fill their tanks for a summer road trip. These low gas prices should stick around for a while until oil prices change course.”

Crude oil hit 8-month lows last week. Tuesday’s daily settlement of $44.46 on the NYMEX, was the lowest since November 14, 2016 ($43.32). The price for a barrel of crude has lost nearly $7/b in value since May 24. A drop of that magnitude would normally signal a discount of 17.5 cents at the pump.

Meteorologists are watching two storms in the Atlantic Basin, either of which have the potential to push fuel prices higher this week. Oil and gas prices would rise if either of these develop into a major storm, move into the Gulf of Mexico, and threaten supply coming from refineries along the gulf coast.

National Average Nears 2017 Lows

The national average price for a gallon of gasoline averaged $2.296 on Sunday. After falling 4 cents during the past week, the national average sits at 4 cents less than this time last year.

The national average is flirting with 2017 lows. The lowest price so far this year was $2.262 on February 9. The national average is falling at a rate of 1-cent per day, positioning the price to breach this year’s lows mid-week. Once that happens, the national average would be the lowest since December 2016.

Gas Price Tools for Reporters/Consumers

  • GasPrices.AAA.com – Daily national, state, and metro gas price averages.
  • AAA Mobile app – Free app that shows current prices at a gas station near you.
    Highs and Lows of 2017*

The highest national average price for gasoline, so far this year, is $2.42 on April 21; the lowest is $2.26 on February 9.
The highest average price in Florida, so far this year, is $2.47 on April 21; the lowest is $2.26 on March 20.

Summer Gas Prices will Rival Those from 2016

The national average for gasoline was $2.23/g from June 1 – August 31, 2016
The Florida average for gasoline was $2.19/g from June 1 – August 31, 2016

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