Palm Beach County’s gasoline price average hasn’t moved in the last week. It’s holding steady at $2.45 for a gallon of regular, according to AAA’s Fuel Gauge Report.
But AAA said Monday that prices could move higher because crude oil reached 11-month highs last week. Then again, maybe not!
The national average reached a new 2016 high over the weekend, and today’s national average of #$2.38 a gallon is the most expensive average since September 2015, AAA said. However, that’s still down 42 cents a gallon compared to a year ago.
“Rising oil prices typically lead to increased gas prices, but that has not happened yet,” said AAA spokesman Mark Jenkins. “Fortunately, last week’s shift in oil prices was not dramatic and wholesale prices are lower than a week ago, so it’s possible pump prices could get cheaper.”
“We’re entering the week when gas prices reached their annual peak last year. So far, fuel prices have followed similar trends as last year. It’s possible prices could peak this month, but it all hinges on which direction oil prices go for the rest of the year,” Jenkins said.
Last week, crude oil prices reached their highest point since July 2015. Daily settlements were as high as $51.23, with a weekly average of $50.18 – $1.20 more than the week before. Oil prices rose during the first half of the month on news of outages from key production countries and growing gasoline demand, but a strengthened U.S. dollar pushed prices lower toward the end of the week.