AAA: Gas Price Plunge Pushes 50-Day Streak, Pump Prices Should Level Out Soon

By  //  October 31, 2017

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FLORIDA PRICES RANGE $2.34 TO $2.57

The steady stream of declining gas prices continued last week. However, the rate at which prices are declining is beginning to slow, and pump prices should soon level out.

BREVARD COUNTY, FLORIDA — The steady stream of declining gas prices continued last week. However, the rate at which prices are declining is beginning to slow, and pump prices should soon level out.

Florida gas prices declined for the 45th consecutive day on Sunday, for a total discount of 33 cents. The state average only declined 2 cents last week. That is a stark contrast to previous weeks, where the total decline was 7-10 cents.

The most expensive gas price averages in Florida are in Miami ($2.57), West Palm Beach-Boca Raton ($2.55), and Fort Lauderdale ($2.50)

The least expensive gas price averages in Florida are in Tampa-St. Petersburg-Clearwater ($2.26), Orlando ($2.30), and Jacksonville ($2.34)

“The steak of falling prices should come to an end this week,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

“Oil and wholesale gasoline prices made solid gains last week, after the EIA’s supply report showed high U.S. crude and gasoline exports, and an increase in gasoline demand.

Fortunately, U.S. crude production levels appear to be stabilizing after Hurricane Nate caused a reduction, and refinery capacity is now back to pre-Hurricane Harvey levels.

“Continued growth in oil inventories will keep a ceiling on oil prices, and prevent gasoline prices from making strong gains.

While there could be some volatility, gas prices should follow a mostly downward trend through the rest of the year. However, the discount at the pump is not currently forecast to be much lower than present levels.”

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Fuel Fundamentals

• WTI crude oil rose $2 last week, settling at $53.90 per barrel on Friday
• The futures price of gasoline rose 9 cents on the NYMEX last week, reaching a closing price of $1.77 on Friday
• Wholesale gasoline prices rose 6 cents last week in some markets
• Gasoline demand grew by nearly 2%, according to the latest supply/demand report from the EIA
• Total U.S. crude inventories rose by 900,000 barrels
• Refinery inputs rose by 609,000 barrels per day
• Utilization capacity of refineries in the Gulf Coast exceeded 90% for the first time since Hurricane Harvey made landfall in the U.S.

Highs and Lows of 2017

• National: the highest average price for gasoline was $2.67 on September 8. The lowest was $2.23 on July 5.
• Florida: the highest average price in was $2.73 on September 9. The lowest was $2.13 on July 17.

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.

AAA updates fuel price averages daily at www.GasPrices.AAA.com.

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