VIDEO: After Nose Dive, Summer To End With Higher Gas Prices According To AAA

By  //  July 28, 2017

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gas rose 7 cents during the past week

ABOVE VIDEO: Gas prices have been on a rollercoaster ride this summer. After rising in the spring, then taking a nosedive last month, pump prices are climbing once again, only to setup for another plunge in the fall.

BREVARD COUNTY, FLORIDA – Gas prices have been on a rollercoaster ride this summer. After rising in the spring, then taking a nosedive last month, pump prices are climbing once again, only to setup for another plunge in the fall.

The average price for gasoline in Florida rose 7 cents during the past week, the second-largest weekly increase of any state (Indiana). The state average on Sunday was $2.21 per gallon.

Motorists using the AAA Mobile App are finding prices ranging from $1.99 and $2.50. So far this year, Florida gas prices averaged $2.31 per gallon; 25 cents more than the same period last year.

“Consumers saw a sudden swing at the pump last week, as summer demand soars and crude inventories declined,” said Mark Jenkins, AAA – The Auto Club Group.

“Gas prices should trend higher through the second half of the summer, and could challenge this year’s high of $2.47 before it’s all over. Fortunately, gas prices will drop after Labor Day, as demand weakens and refiners switch to winter-blend gasoline.”

Gas Prices Rise Above Year-Ago Levels

Florida gas prices are higher than 2016 levels for the first time since early June. The state averaged dipped below 2016 levels for a streak of 38 days from June 10–July 17; the difference reached as low as 9 cents. From January 1 – June 9, 2017, gas prices cost more than the year before. During that period, the difference reached as high as 54 cents in February.

Futures Prices Rise on Declining Crude/Gasoline Inventories

The price of crude oil rose to its highest daily settlement in 6 weeks (47.12 per barrel). The price-hike followed EIA’s weekly supply report, showing a larger-than-expected decline in crude oil supplies.

Crude slipped lower by the end of the week, settling at $45.77, after concerns emerged about OPEC’s rising production for the month of July.

Petro-Logistics, a company that tracks OPEC’s supply and output, forecasts OPEC production to grow by 145,000 barrels per day. Moreover, the Energy Information Administration’s latest report showed that although crude oil inventories declined by 4.4 million bbl, when  compared with the five-year average, the surplus still stands at well over 75 million bbl.

High inventories have placed a spotlight on OPEC’s production growth, especially with its reduced output agreement in place through March 2018.

All eyes will be on the OPEC and non-OPEC committee meeting on July 24 in St. Petersburg, Russia, where the status of the agreement will be discussed to see if the cartel takes additional steps to deepen the agreement’s impact on the market.

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.

Regional Gas Prices

  • The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.29), Miami ($2.24), and Pensacola ($2.23)
  • The least expensive gas price averages in Florida are in Bradenton-Sarasota-Venice ($2.17), Tampa-St. Petersburg-Clearwater ($2.17), Jacksonville ($2.17)

Highs and Lows of 2017*

  • The highest national average price for gasoline, so far this year was $2.42 on April 21; the lowest was $2.23 on July 5.
  • The highest average price in Florida, so far this year, was $2.47 on April 21; the lowest was $2.13 on July 17.
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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.

CURRENT AND PAST PRICE AVERAGES
(Regular Unleaded Gasoline)

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.283 $2.283 $2.253 $2.276 $2.170 $4.114 (7/17/2008)
Florida $2.206 $2.206 $2.134 $2.227 $2.122 $4.079 (7/17/2008)
Georgia $2.177 $2.175 $2.150 $2.132 $2.014 $4.164 (9/15/2008)
Tennessee $2.052 $2.052 $2.024 $2.030 $1.937 $4.118 (9/15/2008)
Click here to view current gasoline price averages

Gas Price Survey Methodology

AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 120,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

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