Your gas is cheaper. Can prices continue to drop?
The world may throw some bad news our way, but there’s at least some good news at the pumps.
Gasoline prices in the Miami area have fallen almost a nickel (4.2 cents) per gallon in the past week, according to savings app GasBuddy’s daily survey of 1,690 local stations.
On Sunday, the average was at $2.71 a gallon.
Statewide, Floridians are finding the lowest prices at the pump since April, according to a Monday report from AAA. The state average price for a gallon of regular unleaded is $2.64; that’s 28 cents less than this year’s high, and 25 cents more than this time last year.
The highest prices AAA found were in stations in Panama City, Crestview-Fort Walton Beach and West Palm Beach-Boca Raton. The least expensive were in Tampa-St. Petersburg-Clearwater, Orlando and Punta Gorda.
“Floridians are saving 25 cents per gallon, compared to when gas prices peaked during Memorial Day weekend,” said Mark Jenkins, spokesman for AAA-The Auto Club Group. “Gasoline is becoming less expensive to produce and sell thanks to lower crude prices and cheaper-to-produce winter blend fuel.”
This is an overall trend across the entire country.
”Motorists have just enjoyed the largest one week decline in average gas prices in 2018 with the national average falling to its lowest level since April,” said Patrick DeHaan, GasBuddy’s head of petroleum analysis. “Oil markets have been weak as refinery maintenance season has slowed down crude oil inputs, leading to oil inventories that have risen noticeably.”
As Election Day approaches, don’t bother thanking any politicians for more money in your wallet, DeHaan adds, as this price drop is “par for the course every autumn.”
Want more good news?
Drivers should see another round of discounts this week, said AAA’s Jenkins, who says he believes “the highest prices of the year are behind us.”
For live updates on fuel price averages, visit http://FuelInsights.GasBuddy.com.
This story was originally published November 5, 2018 at 8:43 AM.