Gasoline prices have stabilized, despite elevated demand as millions of Americans take holiday road trips.
Palm Beach County’s average for a gallon of regular stood at $2.43 Tuesday, up from $2.42 a week ago. The Florida average remains unchanged at $2.31 a gallon, according to AAA’s Fuel Gauge Report.
“Gas prices haven’t moved in about 10 days, because oil prices have stabilized and the southeastern states are well supplied with gasoline,” said AAA spokesman Mark Jenkins. “Motorists should expect more of the same through the new year, unless oil prices rise this week.”
Gas prices on Christmas day were the highest in two years, with Florida’s average at $2.32, AAA said.
An estimated 93.6 million Americans are expected to take a road trip from Dec. 23 through Jan. 2.
Tuesday, the lowest price in West Palm Beach was $2.15 a gallon at Mobil, 6715 S. Dixie Highway and Forest Hill Boulevard, as reported on GasBuddy.com
Other cities and their lowest prices on GasBuddy were:
Jupiter, $2.35, Sunoco, 9650 W. Indiantown Road near Riverbend Park Road.
Palm Beach Gardens, $2.29, Sunoco, 2490 PGA Blvd. and Prosperity Farms Road
Wellington, $2.35, Marathon, 2741 State Road 7 near Pierson Road.
Boynton Beach, $2.24, BJ’s Wholesale Club, 1540 W. Boynton Beach Blvd. near Winchester Park Boulevard.
Gasoline demand is expected to drop drastically during January. Over the past five years the average drop during January has been 15 million gallons a day, according to Oil Price Information Service.
OPIS expects a larger dip this year. However, oil prices are $20 a barrel higher than this time last year, which if unchanged, would prevent pump prices from falling 10 to 20 cents like they did last January.
Gregg Laskoski, senior petroleum analyst for GasBuddy said Tuesday that gas prices should remain stalled this week.
“Overall, the national average price of gas is 28 cents higher than where it was a year ago on this day, and prices in most metros and states across the country are higher too,” Laskoski said.
It remains to be seen whether OPEC and partnering countries cut crude oil production by 1.8 million barrels per day, as promised, beginning in January, AAA said.