VIDEO: AAA Reports Gas Prices Rising Around The Country, Holding Steady in Florida

$2.29 state average is slightly less than last week

ABOVE VIDEO: Tips to help you improve your mileage from the car care experts at AAA.

BREVARD COUNTY, FLORIDA — Gas prices are mostly climbing around the country, yet Florida gas prices are holding relatively steady.

The state average of $2.29 is fractions of a cent less than last week.

Florida gas prices for the month of July averaged $2.18 per gallon; 2 cents more than July 2016. Gas prices in the United States averaged $2.27 last month; 6 cents more than July 2016.

• The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.38), Miami ($2.31), and Pensacola ($2.31)
• The least expensive gas price averages in Florida are in Fort Myers-Cape Coral ($2.24), Tampa-St. Petersburg-Clearwater ($2.25), and Orlando ($2.25)

“Motorists are now finding gas prices 14 cents more than this time last year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

“Although gasoline demand is keeping pace with last year’s levels, oil prices are making the biggest difference in prices at the pump. Steady declines in crude supplies have pushed oil prices about $10 per barrel higher than last year, making it more expensive to produce gasoline.”

Last week’s EIA report showed record-high gasoline demand. In addition, crude supplies declined for the fifth consecutive week. The five-week trend is giving greater confidence to investors.

However, their excitement is tempered as total crude storage 70 million barrels above the 5-year average.

This, combined with continuously high domestic crude oil output, it is still clear that the glut of crude will not disappear easily. Because of this, oil and gasoline prices are still forecast to retreat after the summer driving season draws to a close.

Crude oil prices surpassed $50 per barrel last week for the first time since May 24. During that time, gas prices were at about the same level as they are now.

Although pump prices could see additional upward movement in the coming weeks, any significant gains would not come without further growth in oil prices, a hurricane in the Gulf of Mexico or some sort of interruption in fuel supply.

Gas Price Tools for Reporters/Consumers

• GasPrices.AAA.com – Daily national, state, and metro gas price averages.
• AAA Mobile app – Free app that shows current prices at a gas station near you.

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.
• The highest average price in Tampa, so far this year, was $2.46 on April 20; the lowest was $2.00 on July 10.

U.S. Crude Oil   

• Oil prices held relatively steady last week, hovering between $49-$51 per barrel.
• Supplies declined another week by 1.5 million barrels (-0.1%)
• Production rose by 20 million barrels per day reaching 9.43 million bpd. The average production level of the last 4 weeks was 10.9 percent more than the same period last year.
• Refineries continue running strong, turning 3.9 percent more product than the same time last year.

U.S. Gasoline

• Futures prices declined by 3 cents during the past week.
• Wholesale spot prices increased slightly
• Supplies declined by 2,500 barrels nationwide and 1,200 barrels in the Gulf Coast.
• Production declined by nearly 1 percent.
• Implied gasoline demand set a new all-time record high of 9.842 million barrels.

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.

CLICK HERE FOR BREVARD COUNTY NEWS

Similar Stories