By July 10, 2017 Read More →

GAS PRICES RISE; MONTH-LONG STREAK OF DECLINES IS SNAPPED …………

Gas Prices During “First 40 days of Summer” are Lowest in 12 years

TAMPA, Fla. (July 10, 2017) — Gas prices increased for the first time in more than a month, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express. 

Florida gas prices averaged $2.14 on Sunday. The state average is 1-cent less than last week, 7 cents less than a year ago, and 12 cents less than the national average. 

Florida’s state average increased on Friday for the first time after following a downward streak of 33 consecutive days for a total of 23 cents. However, the state average then declined on both Saturday and Sunday.

“AAA forecasted the streak of gas price declines would come to an end last week,” said Mark Jenkins, spokesman, AAA The Auto Club Group. “What came as a bit of a surprise was the abrupt U-turn oil prices made after Independence Day. Instead of building on the momentum that pushed oil above $47 a barrel, the rally suddenly ran out of steam and oil stumbled back below $45. What that means to motorists is a short lived bump in prices at the pump.”

  • The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.25), Miami ($2.23), and Fort Lauderdale ($2.21)
  • The least expensive gas price averages in Florida are in Tampa-St. Petersburg-Clearwater ($2.01), Orlando ($2.04), and Bradenton-Sarasota-Venice ($2.08)

Gas prices for the first 40 days of summer (June 1 – July 10) have averaged the lowest in more than a decade. In Florida, prices averaged $2.26 per gallon – the lowest for this 40-day period since 2005.

First 40 Days of Summer
(June 1 – July 10)
2017 2016 2005
National $2.30 $2.32 $2.17
Florida $2.26 $2.29 $2.19

Oil Price Rally Runs Out of Steam

A shift in futures prices effectively brought the pump price plunge to a halt. Oil prices made steady gains, increasing from $42.53 to $47.07 over the course of 13 days, raising the cost of producing gasoline. However, prices at the pump barely had time to respond before oil slumped back below $45 on Wednesday. Despite bullish data from the EIA showing strong demand and reduced inventories, fuel production and supply levels remain especially high for this time of year, preventing oil prices from gaining solid footing.

Long term forecasts remain favorable for motorists. Many analysts are moving to the position that demand levels will not surpass last year’s record highs. Wells Fargo expects oil prices to remain below $50/b for the next 12 months, according to a statement made on Wednesday. That would put a ceiling on gas prices of about $2.50, if the forecast holds.

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.
Fuel Fundamentals
(Based on weekly data provided by the EIA)
Crude Oil Gasoline
  • Prices moved lower during the week, but settled at $44.23/b on Friday – nearly $2 less than Monday’s settlement.
  • Supplies declined 6.3 million barrels (-1.2%), yet remains 1.9 percent higher than a year ago
  • Production increased by 88,000 bpd. Domestic crude production during the past four weeks averaged 8.2 percent higher than the same time last year.
  • The total count of U.S. oil rigs reached the highest level since April 2015, after adding 7 last week.
  • Wholesale prices pinballed during the week, but settled lost value of about 3 cents.
  • Supplies declined 1.5 percent domestically, yet held steady in the Gulf Coast.
  • Production increased 0.3 percent domestically, but declined 8 percent at Gulf Coast refineries. Production levels are 8 percent less than the same week last year.
  • Demand surged almost 2 percent compared to the week before. Daily averages remain 2.7 percent less than last year

                    

                             CURRENT AND PAST PRICE AVERAGES

                                                    Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.263 $2.263 $2.234 $2.351 $2.244 $4.114 (7/17/2008)
Florida $2.140 $2.143 $2.151 $2.350 $2.208 $4.079 (7/17/2008)
Tampa $2.012 $2.014 $2.025 $2.320 $2.128 $4.009 (7/16/2008)
Georgia $2.115 $2.113 $2.080 $2.205 $2.105 $4.164 (9/15/2008)
Tennessee $2.006 $2.007 $1.997 $2.094 $2.035 $4.118 (9/15/2008)
Click here to view current gasoline price averages

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.

About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America.  ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana.  ACG belongs to the national AAA federation with more than 57 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. AAA clubs can be visited on the Internet at AAA.com.

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