Gasoline prices are low, but could be headed back up soon.
The estimated 37.5 million Americans who hit the road on Independence Day found the lowest gas prices in more than a decade, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express.
But prices could inch up in the next week or two.
“Unfortunately the pump price plunge may soon come to an end,” said AAA spokesman Mark Jenkins. “We are entering a six-week period where demand is normally the strongest of the year. Plus, oil and wholesale prices made solid gains last week, reaching a level that should cause gas prices to level off. Motorists in some markets may see pump prices climb 5-10 cents in the next week or two as a result.”
Palm Beach County’s average for a gallon of regular stood at $2.26 Wednesday, down just fractions of a cent from Tuesday, according to AAA’s Fuel Gauge Report.
The cheapest gasoline is at $1.95 a gallon for regular at Rocket Fuel, 100 N. Federal Highway, North Palm Beach. The next lowest price is $1.97 at 7-Eleven, 1220 Federal Highway, Lake Park, as reported on GasBuddy.com
About 10 Palm Beach County stations are selling gasoline at $1.99 Wednesday. To search in your area, go to GasBuddy.com
Although the national average of $2.23 was the lowest for the holiday in 12 years, gas prices in the southeastern U.S. were the lowest in 13 years. On July 4 gas prices averaged $2.15 in Florida – 9 cents less than a year ago a year ago, and the lowest price for the holiday since 2004.
Florida’s daily gas price averages are the lowest since November 2016. The state average declined for the 31st consecutive day on Tuesday, for a total of 23 cents since June 3.
The oil market has steadily climbed during the past week after EIA data showed domestic oil production lowered by about 100,000 barrels per day, for the week ending on June 23. Moreover, last week Baker Hughes Inc. reported that for the first time in 24 weeks, the U.S. oil rig count declined by two – bringing the total rig count to 756. Neither of these declines are considered dramatic, but the sudden shift in fundamentals was enough to send oil prices higher. Market watchers will look to today’s EIA data report to see if this trend continues, in hopes it will steer prices higher.
The price of crude rose for the 10th consecutive day Monday, settling at $47.07 per barrel. Crude prices are up $4.54 since reaching this year’s lowest daily settlement of $42.53 on June 21.