Daytona Beach, FL – After rising a total of seven cents last week, Florida gas prices are headed down again.
Gas prices were poised for declines last week, but a brief increase came as a delayed response to Tropical Storm Barry, which caused a short-lived surge in crude and gasoline futures the week before.
But, that upward pressure evaporated early last week after learning that Barry did little to no damage to Gulf Coast refineries.
“After quickly rising last week, Florida gas prices are already on their way back down,” said Mark Jenkins, spokesman for AAA. “Prices at the pump are falling at an average rate of one penny per day. The state average could reach $2.55 per gallon in the next two weeks unless futures prices quickly change course.”
Futures price drops accelerated in the middle of last week. Crude oil and gasoline futures sank to four-week lows, following a bearish report from the US Energy Information Administration, which fueled oversupply concerns.
The EIA’s report mentioned weakening gasoline demand, higher gasoline stocks and smaller-than-expected drop in oil supplies.
On Friday (July 19th), the price of crude oil settled at $55.63 a barrel, a discount of nearly $5 a barrel when compared to this time last week. Wholesale prices also dropped nearly 16 cents per gallon, lowering prices for retailers.
Right now Volusia County drivers are watching averages hover around $2.67 per gallon, which is on par with the state’s average and four cents more than last week’s average on Monday (July 15th).
Flagler drivers are seeing averages at a penny less with $2.66 per gallon, but when compared to last week’s starting price drivers are seeing a penny more at the pumps.
West Palm Beach-Boca Raton secured a spot for the state’s highest prices again with $2.74 per gallon, which beats out Gainesville’s price last week by five cents.
Pensacola is seeing the lowest averages in the state with $2.63 per gallon, four cents less than Volusia and six cents more than Punta Gorda’s low averages seen last week.
The national average is hovering around $2.76, which is a three-cent drop compared to the average seen at the start of last week.