Gas prices level out

Jacksonville prices lowest in Florida

By Bruce Hamilton - The Morning Show anchor
Headline Goes Here

TAMPA, Fla. - Gas prices seemed to find level ground over the weekend after increasing for more than two weeks. Before the weekend, gas prices rose an average of 12 cents in 19 days, nationwide; 13 cents in 14 days, in Florida; 13 cents in 18 days, in Georgia; and 14 cents in 20 days, in Tennessee.

"Gas prices rose the wave of rising oil prices last week, pushing pump prices slightly higher in some regions before eventually stalling out over the weekend," said Mark Jenkins, spokesman, AAA The Auto Club Group. "Motorists should expect more volatility at the pump throughout the next couple of months, as prices are poised to gain another 30 cents by the summer."

Oil prices swelled to the highest levels since March 1. The price for a barrel of crude averaged $53.19 last week - an increase of $1.92 from the week before. The increase comes after OPEC released its monthly report, which showed solid economic growth and higher gasoline demand in the U.S. and Asia. These contributing factors could result in a reduction in crude price volatility and increased market stability. The International Energy Agency (IEA) also released its monthly report this week. It stated that the global oil market could be very close to balancing supply and demand. However, IEA noted in the absence of OPEC extending its production cuts, the second half of the year could be more volatile due to a tighter U.S. supply and lower global oil demand.

Fuel Fundamentals
(Based on weekly data provided by the EIA)

  • Crude oil prices averaged $53.19 per barrel - the highest weekly average in six weeks. Tuesday's closing price of $53.40 is the highest daily settlement since March 1, 2017. WTI settled at $53.18/b on Friday. 
  • Wholesale gasoline prices declined 1-2 cents toward the end of last week. 
  • U.S. crude oil inventories remain near record-levels, but trended lower for the third-consecutive week; declining 2.2 million barrels from the week before. At 533.4 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year. 
  • Domestic crude production increased slightly to 9.2 million barrels per day - a 0.39% increase from the week before.
  • Gasoline demand increased 0.32 percent from the week before, but remains 1-percent less than year-ago levels.
  • Gasoline inventories are 1.5 percent lower than a year ago, yet remain in the upper half of the average range for this time of year. 
  • Gasoline production was 1.2% lower than the week before, and 1.5% lower than this time last year.
  • Refinery utilization slipped 1.4 percentage points, indicating refinery maintenance is still underway.

Regional Gas Prices

Florida gas prices averaged $2.42 on Sunday - the same price as this time last week.

  • The most expensive metro markets are West Palm Beach/Boca Raton ($2.52), Fort Lauderdale ($2.48), and Miami ($2.47)
  • The least expensive metro markets are Jacksonville ($2.38), Tampa/St. Petersburg/Clearwater ($2.38), and Orlando ($2.39)

Georgia gas prices averaged $2.29 on Sunday - a 1-cent increase from last week.

  • The most expensive metro markets in the state are Savannah ($2.32), Atlanta ($2.31), and Valdosta ($2.30)
  • The least expensive metro markets in the state are Augusta/Aiken ($2.20), Macon ($2.23), and Columbus ($2.25)

 

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

Sunday

Saturday

Week Ago

Month Ago

One Year Ago

Highest Price on Record

National

$2.407

$2.407

$2.387

$2.286

$2.114

$4.114 (7/17/2008)

Florida

$2.421

$2.423

$2.421

$2.271

$2.065

$4.079 (7/17/2008)

Georgia

$2.288

$2.289

$2.275

$2.178

$2.089

$4.164 (9/15/2008)

Tennessee

$2.175

$2.175

$2.140

$2.045

$1.929

$4.118 (9/15/2008)

Click here to view current gasoline price averages

 


 

 

Copyright 2017 by WJXT News4Jax - All rights reserved.