AAA: Gas Prices Increase 25 Cents Year-Over-Year, Most Expensive April in Four Years
By AAA // May 1, 2018
Brevard Pumps Still Among Cheapest in State
(AAA) – Monday was the conclusion to what was the most expensive April at the gas pump in four years.
April Gas Prices
- Nationally, April gas prices averaged $2.72 per gallon – an increase of 33 cents from April 2017
- Throughout the month, the national average rose a total of 15 cents
- In Florida, April gas prices averaged $2.67 per gallon – an increase of 25 cents from April 2017
- Throughout the month, the state average rose a total of 10 cents
Nationwide, Americans are paying 42 cents per gallon more than they did this time last year. The national average of $2.81 is the highest in more than three years (November 2014).
Florida gas prices averaged $2.74 on Sunday.
Click here to view today’s average. Sunday’s daily average is the same as last week, yet 10 cents more than a month ago, and 32 cents more than last year.
- The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.86), Crestview-Fort Walton Beach ($2.84), and Pensacola ($2.81)
- The least expensive gas price averages in Florida are in Tampa Bay ($2.67), Orlando ($2.67), and Melbourne-Titusville ($2.68)
“Although this was the most expensive April gas prices we’ve seen in years, fuel is still nearly a dollar less than what we paid in April 2014,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.
“The higher prices at the pump are mainly a result of a tightening oil market, which leaves us prone to price hikes based on geopolitical tensions and supply shortage concerns. Crude prices are about 33 percent more expensive than they were this time last year. Expensive oil means expensive gasoline.”
|Average Gas Price in April|
Strong Fuel Exports Prevent Significant Supply Builds; Gasoline Demand Declines
Fuel prices rose even after crude oil and gasoline supplies increased last week. Oil stocks rose 0.1 percent and gasoline climbed 0.4 percent.
However, these gains would have been more significant had the U.S. not exported a record amount of fuel. Crude oil exports surged to 2.3 million barrels per day, shattering the previous record of 2.175-million, according to the Energy Information Administration’s latest supply data.
The main recipients of U.S. fuel exports were Central and South America, and firms in Europe and Asia. Despite U.S. oil production rates at 14 percent better than a year ago, inventory levels are down 10 percent.
Meanwhile, demand slipped last week, contributing to the growth in gasoline stocks. Gasoline demand sank to its lowest level in nearly two months, declining 8 percent from the previous week.
Analysts are unsure whether this is a one-week quirk or if high gasoline prices are causing drivers to cut back.
Refinery maintenance season is not over yet, as evidenced by the latest EIA data dump. Crude runs fell by more than 300,000 barrels per day last week, dropping 4 percent below a year ago.
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.
CURRENT AND PAST PRICE AVERAGES
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||Highest Price on Record|
|Click here to view current gasoline price averages|
CLICK HERE FOR BREVARD COUNTY NEWS