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AAA: Gas Prices Hit 5-Week Low, Florida Gas Prices Averaged $2.41 on Sunday

By  //  December 11, 2017

state average declined 3 cents during past week

The month of December continues to deliver discounts at the pump for U.S. motorists. Gas prices have slipped to 5-week lows, after declining non-stop for the past month.

BREVARD COUNTY, FLORIDA (AAA) — The month of December continues to deliver discounts at the pump for U.S. motorists. Gas prices have slipped to 5-week lows, after declining non-stop for the past month.

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Florida gas prices averaged $2.41 on Sunday. The state average declined 3 cents during the past week. Prices are 12 cents less than a month ago, but remain 19 cents higher than this time last year.

The most expensive gas price averages in Florida are in West Palm Beach ($2.54), Miami ($2.52), and Naples ($2.50)
The least expensive gas price averages in Florida are in Jacksonville ($2.34), Orlando ($2.34), and Tampa-St. Petersburg-Clearwater ($2.34)

“Seasonal trends like reduced gasoline demand and increased fuel supply are allowing pump prices to keep moving lower,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

“The first half of December is normally characterized by weak demand, as cold weather and shorter days cause Americans to drive less. Look for another week of declines as refineries continue to produce gasoline at a much higher rate than what is being consumed.”

Weekly supply figures showed a large build in gasoline availability and lower demand. Gasoline inventories rose by 6.78 million barrels last week, the biggest increase since January.

Meanwhile, domestic crude oil production moved above the 9.7-million-b/d mark for the first time since 1971. The growth in these fundamentals are bearish for long term oil prices, which analysts from OPIS believe could soon see a significant drop back to $50/b, due to reduced global demand during the winter.

The price for a barrel of oil settled at $57.36 per barrel on Friday – $1 less than the week before.

CURRENT AND PAST PRICE AVERAGES: Regular Unleaded Gasoline

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

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.

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