VIDEO: July Fourth Week Gas Prices Hit 13-Year Low, Now Expect 5 to 10 Cent Rise
By Space Coast Daily // July 8, 2017
price of crude rises 10 consecutive days
ABOVE VIDEO: The drop in the cost of oil has been a happy surprise for drivers, who are enjoying the cheapest gas prices at the start of summer in 12 years and Fourth of July in 13 years.
BREVARD COUNTY, FLORIDA – The estimated 37.5 million Americans who hit the road on Independence Day found the lowest gas prices in more than a decade, 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.
Although the national average of $2.23 was the lowest for the holiday in 12 years, gas prices in the southeastern U.S. were the lowest in 13 years.
On July 4, 2017, gas prices averaged $2.15 in Florida – 9 cents less than a year ago a year ago, and the lowest price for the holiday since 2004.
Florida’s daily gas price averages are the lowest since November 2016. The state average declined for the 31st consecutive day on Tuesday, for a total of 23 cents since June 3.
The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.26), Miami ($2.24), and Fort Lauderdale ($2.22).
The least expensive gas price averages in Florida are in Tampa-St. Petersburg-Clearwater ($2.02), Orlando ($2.05), and Bradenton-Sarasota-Venice ($2.09).
“Unfortunately the pump price plunge may soon come to an end,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.”
“We are entering a 6-week period where demand is normally the strongest of the year. Plus, oil and wholesale prices made solid gains last week, reaching a level that should cause gas prices to level off.”
“Motorists in some markets may see pump prices climb 5-10 cents in the next week or two as a result.”
The oil market has steadily climbed during the past week after EIA data showed domestic oil production lowered by about 100,000 barrels per day, for the week ending on June 23.
Moreover, last week Baker Hughes Inc. reported that for the first time in 24 weeks, the U.S. oil rig count declined by two – bringing the total rig count to 756.
Neither of these declines are considered dramatic, but the sudden shift in fundamentals was enough to send oil prices higher. Market watchers will look to today’s EIA data report to see if this trend continues, in hopes it will steer prices higher.
The price of crude rose for the 10th consecutive day Monday, settling at $47.07 per barrel. Crude prices are up $4.54 since reaching this year’s lowest daily settlement of $42.53 on June 21.
Gas Price Tools for Reporters/Consumers
Fuel Fundamentals: (Based on weekly data provided by the EIA)
- Crude oil prices rallied for the 10th consecutive day Monday, reaching the highest daily settlement in four weeks($47.07)
- U.S. crude inventories made small gains, adding 118,000 barrels to total 509.2 million barrels
- Domestic crude production recently soared to 2-year highs, but dropped last week to its lowest level since April, after declining more than 1% to 9.25 mbpd
- Refineries operated at a slightly lower rate than the week before
- Wholesale gasoline rose for the 6th-consecutive day on Monday, reaching the highest closing price in four weeks
- Domestic gasoline production remains strong and well above year ago levels, rising 1.7% nationwide on the week; 2.6% in the Gulf Coast
- Gasoline inventories dropped by 894,000 barrels, but remain almost 1% higher than last year
- Gasoline demand dipped 2.8% and continues to average 2.5% lower than last year
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