South Florida Gasoline Prices Increase In Spite of Crude Oil Price Reductions

Gas prices in South Florida increased in the previous week in spite of reductions in crude oil price. However, many are hoping that the prices stay stable during the present week.

Over the last week, crude oil prices dropped to just above $98 in the NYMEX commodities market. Oil prices declined following the report given by the United States Department of Energy that consumption of gasoline reduced to 8 million barrels daily. This amount is the lowest level it attained since last year.

Jessica Brady, spokeswoman of The Auto Club Group known as the AAA, expressed in a news release that the primary factor that keep the crude oil price under $100 is the weak demand fundamentals in both the United States and abroad. She further adds that figures showing manufacturing in China declined for a third consecutive month and debt issues in Europe keep on putting bearish market pressure. Moreover, she said that retail oil prices will possibly stay somewhat unchanged for the present week while demand continues to remain below average.

The following are the details of fuel price per gallon averages in South Florida relative to the past week and the previous year:

In Miami, the one gallon of regular unleaded gasoline increased from $3.19 in the past year and $3.51 during the last week to $3.55 this present week.

In Fort Lauderdale, regular gasoline is currently at $3.54. This is an increase from its $3.19 price of last year and $3.50 during the past week.  In West Palm Beach or Boca Raton, one gallon of regular gasoline increased to $3.57. This is a rise from last year and last week’s $3.22 and $3.54 rates respectively.

At the national level, the regular unleaded gasoline’s average price per gallon stayed at $3.39. But, Florida’s average gas prices are up by 2 cents at $3.48 per gallon.

By: Chris Termeer