(State and National gas price averaged courtesy of AAA)
"This is a nice surprise for motorists who were initially poised to see $2.70 gasoline by the summertime," says AAA – The Auto Club Group spokesman, Mark Jenkins. "Instead, oil producers came out of maintenance season with a vengeance, changing the narrative for the coming months. U.S. refineries are running at their highest capacity on record. If that continues, gasoline will be produced at a much higher rate than there is an appetite for, since demand remains muted compared to last year.” Today, gas prices dropped 16% in the futures market with barrels costing $48.50, dropping $1.25 from yesterday. Barrels are expected to stay at this price through the end of the year. “Based on current fundamentals, oil prices could hover around $50 a barrel and gas prices would still drop 5-10 cents in the near term,” says Jenkins. Daily updated gas prices in several Florida cities, including Daytona Beach, can be found here. The lowest gas prices in your area can be found on the AAA app, which you can download for free here. Copyright Southern Stone Communications 2017.