Motorists See Higher Gas Prices, Oil Prices Made Solid Gains Last Week

By  //  November 11, 2017

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GAS DEMAND IN OCTOBER HIT AN 11-YEAR HIGH

Motorists may see higher gas prices this week, after oil and wholesale gasoline prices made solid gains last week.

BREVARD COUNTY, FLORIDA— Motorists may see higher gas prices this week, after oil and wholesale gasoline prices made solid gains last week.

Florida gas prices were frozen in place over the weekend. The state average declined for 47 consecutive days (for a total of 33 cents) before coming to a screeching halt on November 1. Since that day, gas prices in the state have averaged $2.40.

Although most metro areas saw little movement during the past week, gas prices rose an average of 8 cents in Sebastian-Vero Beach, 7 cents in Pensacola, and 5 cents in Crestview-Fort Walton Beach. Most other markets saw gains of only a cent or two.

• The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.56), Miami ($2.55), and Panama City ($2.50)
• The least expensive gas price averages in Florida are in Tampa-St. Petersburg-Clearwater ($2.26), Orlando ($2.30), and Jacksonville ($2.33)

GASOLINE DEMAND IN OCTOBER FINISHES AT AN 11-YEAR HIGH

Florida gas prices were frozen in place over the weekend. The state average declined for 47 consecutive days (for a total of 33 cents) before coming to a screeching halt on November 1. Since that day, gas prices in the state have averaged $2.40.

• Gasoline demand hit 9.45 million b/d, which is roughly 150,000 b/d more week-on-week and the highest end-October figure since 2006, according to EIA’s report for the week ending on October 27.

• Gasoline storage levels dropped by 4 million barrels, signaling that domestic demand remains strong as the national settles into autumn.

• Gasoline production moved higher to 10.175 million barrels per day, reflecting a production level that’s close to where it was prior to the highly active hurricane season.

• Oil prices climbed nearly $4 during the past two weeks. WTI reached $55.64/b on Friday – the highest daily settlement since July 2015.

• The price of gasoline on the NYMEX rose 15 cents in the last 11 sessions.

• Wholesale gasoline prices rose an average of 7 cents in the southeastern U.S.

“Drivers are seeing pump prices increase in some markets, due to higher demand and falling supply levels,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

“It would not be a surprise to see gas prices rise 5-10 cents this week, since wholesale prices rose an average of 7 cents last week. However, longterm fall gasoline demand is expected to drop in November, which should prevent any significant spike in gas prices before the end of the year.”

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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.

Click here to view the list of state and metro gas price averages.

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