Gasoline prices have declined for 10 straight days, and are expected to continue to drop this week. The Palm Beach County average for regular fell to $2.49 a gallon Monday from $2.53 a week ago.
The Florida average also fell 4 cents to $2.41 from a week ago, according to AAA’s Fuel Gauge Report.
“Gas prices were knocked off their seasonal upward trend when new data revealed record-high refinery activity,” AAA spokesman Mark Jenkins said.
“When refineries finished spring maintenance season, they accelerated production to levels that outpaced demand. Because of this unexpected shift in fundamentals, motorists have likely seen the highest prices for the foreseeable future and retail prices should fall a few more cents this week,” Jenkins said.
Gas prices reached their highest monthly average for April in two years.
Dan McTeague, GasBuddy senior petroleum analyst, agreed that prices appear poised to drop again this week.
“An oversupply of gasoline as refiners ramp up production will continue to exert downward pressure on prices at the pumps,” McTeague said. “The national average gasoline price of $2.35 per gallon is a mere 14 cents higher than a year ago, down from a gap of nearly 40 cents just months ago.”
“The expected bump in fuel demand doesn’t seem to be coming, leaving refineries with a lot of inventory that has yet to find a market,” McTeague said.