Prices at the Florida gas pumps are holding steady, declining only fractions of a penny over the past weekend. Florida gas prices averaged $2.27 on Sunday, August 13. The state average is 2 cents less than last week, 19 cents more than last year.
- The most expensivegas price averages in Florida are in West Palm Beach-Boca Raton ($2.36), Gainesville ($2.31), and Miami ($2.31)
- The least expensivegas price averages in Florida are in Tampa ($2.21), Orlando ($2.21), and Fort Myers-Cape Coral ($2.23)
“Pump prices are moving slightly lower as refineries keep the market well supplied with gasoline,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Gasoline supplies are outpacing demand as we enter the final weeks of the summer travel season. This should prevent any major gains in gas prices, unless oil prices rise in response to unexpected disruptions in supply due to international conflict, refinery issues, or a hurricane.”
Gasoline demand is on par with this time last year, yet gasoline supply levels are 2 percent stronger. Refiners are running at record highs thanks to favorable profit margins. As a result, gasoline inventories swelled and crude stocks dropped, according to the most recent supply report from the EIA for the week of August 4. Commercial crude oil supplies slipped for the 5th consecutive week, hitting the lowest level since October.
Crude oil prices
The price for a barrel of WTI crude oil averaged $49.11 last week; 40 cents less than the week before. Meanwhile, the price for gasoline on the NYMEX finished the week 10 cents less than the 4-month high reached two weeks ago.
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.
Summer Gas Prices Averaging Higher than 2016
- The Florida average for gasoline was $2.19/g from June 1 – August 31, 2016. The state average fell from $2.35 in June, to as low as $2.05 in August. So far this summer, gas prices averaged $2.24/g since June 1, 2017.
- Gasoline prices declined in line with the falling price of crude. Daily WTI settlements dropped from $51.23 in June, to as low as $39.51 in early August. This summer, oil prices have averaged $46.45 per barrel, after ranging from $42.53 – $50.17.
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