Gas prices may have hit their annual peak earlier this month, AAA said Monday.
The national average for a gallon of gasoline has declined for eight consecutive days, and for the last 12 days in Florida.
Palm Beach County’s average for a gallon of regular dipped 3 cents in the last week to $2.42, according to AAA’s Fuel Gauge Report.
“Gas prices usually hit their highest point of the year during the first six months and that could be what has happened in the last couple of weeks,” said AAA spokesman Mark Jenkins.
“Gasoline supply shouldn’t be a problem moving forward, as refineries increase production this time of year to meet increased demand for the summer travel season. However, pump prices could rise if there are swings in the price of crude, supply disruptions, or if a major storm moves into the Gulf of Mexico,” Jenkins said.
Crude oil prices are continuing to fall.
“The price of crude oil, which had been gaining steam leading up to June, has now experienced a sustained downturn over the last couple of weeks,” said Will Speer, GasBuddy senior petroleum analyst.
This week, energy markets will be anxiously awaiting the outcome of whether the United Kingdom will remain in the European Union, Speer said. Uncertainty over the stability of the European Union could impact crude and American gas prices.