AAA: Gas Prices Rise 8 Cents Last Week, Gallon of Gas Currently Between $2.15 and $2.50
By Space Coast Daily // August 1, 2017
national average 16 cents more than last year
Gas prices saw another round of increases last week. Florida gas prices averaged $2.29 on Sunday. The state average is 8 cents more than last week, and 11 cents more than this time last year.
People using the free AAA mobile app are finding gas prices between $2.15 and $2.50.
The price for regular unleaded is above $2.25 at more than 76 percent of gas stations in the state.
So far this year, the price for regular unleaded averaged $2.31 in Florida.
“Gas prices leveled out over the weekend, but should climb again this week,” said Mark Jenkins, spokesman, AAA The Auto Club Group.”
“Strong demand and another round of supply draws pushed the price of crude to its highest point in 9 weeks, and that trend is expected to continue this week. Gas prices should rise 5-10 cents this week, but remain below this year’s highs, set earlier this year.”
- The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.37), Gainesville ($2.30), and Miami ($2.30)
- The least expensive gas price averages in Florida are in Pensacola ($2.24), Tallahassee ($2.25), and Fort Myers-Cape Coral ($2.27)
The national average price for regular unleaded was $2.31 on Sunday.
After climbing 3 cents in the past week, the national average is now 16 cents more than this time last year. So far this year, gas prices have averaged $2.32.
The price for regular unleaded is under $2 a gallon at only 10 percent of gas stations across the country. Prices are above $2.25 at 53 percent of U.S. gas stations.
Crude Oil Reaches 9-Week High
The price per barrel of crude pushed higher this week, following news from OPEC that its members pledged to reduce exports and the EIA weekly report showing a decline in crude inventories.
At OPEC’s meeting on Monday to discuss the status of its production reduction agreement, Saudi Arabia stated its plans to limit crude exports to 6.6 million barrels per day in August, about 1 million b/d below the level last year.
Kuwait and the United Arab Emirates also agreed to cut exports amid rising fears in the market that growth in production and exports from member countries may be undercutting the cartel’s efforts to restrict supplies and raise prices in the global market.
Additionally, EIA reported a 7.2 million barrel drop in U.S. crude inventories for the week ending on July 21 – a much higher number than expected. All of the news has given investors greater confidence in crude inventories continuing to shrink, leading the price per barrel of crude to move toward highs not seen since the end of May.
Higher crude prices will contribute to rising gas prices, so if crude prices continue to push upward, drivers are likely to see it reflected at the pump.
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.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||Highest Price on Record|
|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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