AAA: Gas Price Slide Continues, Prices Drop 8-Cents In Florida, Nate’s Impact Unclear
By Space Coast Daily // October 9, 2017
state average declined for the 24th consecutive day on Sunday
TALLAHASSEE, FLORIDA – Florida gas prices have been on a steep slide for the last three weeks and should drift even lower this week.
The state average declined for the 24th consecutive day on Sunday, falling a total of 19 cents during that time.
Florida motorists are paying an average of $2.54 at the pump, which is 8 cents less than last week. However, pump prices remain 34 cents more than this time last year, as prices remain inflated from supply and demand issues related to recent hurricanes. The largest weekly discounts in the past week were found in Tampa (11 cents), Orlando (10 cents), and Gainesville (10 cents).
– The most expensive metro markets are West Palm Beach-Boca Raton ($2.66), Miami ($2.66), and Fort Lauderdale ($2.61)
– The least expensive metro markets are Tampa-St. Petersburg-Clearwater ($2.44), Orlando ($2.47), and Pensacola ($2.47)
“The state average is falling by about a cent a day, as retail prices continue to recover from the effects of Hurricanes Irma and Harvey,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.
“Gas prices remain inflated by about 20-30 cents, and should decline another 5-10 cents this week. Hurricane Nate’s impact on the Gulf Coast region should not affect local prices. However, if refineries and oil rigs have a difficult time resuming normal operations, and futures prices spike, then the local gas price plunge could stall out. This is something that will take a few days to play out.”
Hurricane Nate’s Impact on the Gulf Coast Oil Production and Refining Region
– Hurricane Nate impacted operations at offshore oil production sites and refineries in Louisiana, Mississippi, and Alabama.
– OPIS reports that the market is awaiting status updates from refineries in the Gulf Coast, but no damage has been reported so far.
– Even if there is no damage at any of the refineries, OPIS speculates that shut-in Gulf of Mexico oil production could pose a crude oil supply issue.
– Nate forced the closure of triple the volume of Gulf offshore crude production than Hurricane Harvey.
– The total stood at 1.6 million barrels per day over the weekend, or 92.34% of typical daily output in the region, according to the federal Bureau of Safety and Environmental Enforcement (BSEE).
– Over the weekend, ports were closed in New Orleans, Baton Rouge, Mobile, Pascagoula, Panama City, and Pensacola.
– The U.S. Coast Guard spent Sunday making assessments of ports, refineries and returning personnel to offshore production.
– As of late Sunday night, oil and gasoline prices were trending lower in futures trading.
Motorists can find the lowest gas prices in their area by downloading the free AAA Mobile app.
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