Recent Data Predicts Gas Prices In Florida Have Peaked For 1st Half Of 2017

By on April 27, 2017 in WNDB News

Florida – The American Automobile Association (AAA) says that gas prices in Florida seem to have reached their peak for the first half of the year at $2.47 on April 21.

The Energy Information Administration’s data on gasoline supply has revealed a ‘gas glut’ which is expected to drive prices down. For the last 5 days, gas prices in Florida have declined 3 cents to reach the current average price of $2.41, 2 cents down from last week and a half cent down from yesterday, April 26.

A month ago, gas prices in Florida were $2.293, and a year ago they were $2.188. The highest gas price in Florida ever recorded was on July 17, 2008, at $4.079.

(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.

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