AAA: Gas prices could rise another 50 cents per gallon this year

Palm Beach County’s average gas price leads Florida at $2.93 per gallon, and a rise of another 50 cents this year is a real possibility, says motorist group AAA, citing partners at the Oil Price Information Service.

“OPIS believes oil prices could reach as high as $90 per barrel before the end of the year,” AAA said in a statement early Monday. “While that high is not guaranteed, gas prices would be 50 cents higher, if it happened.”

Florida gas prices remain at their highest levels in three years, and a full tank costs an average of $42, an increase of $8 from this time last year, AAA said. The per-gallon price is still below a high of $4.08 in 2008, but prices above $3 are already appearing at some local stations and could become the norm as the year progresses.

Heading into the unofficial start of the summer driving season Memorial Day weekend, the average family is expected to pay a total of $200 more for gasoline this summer than last year, and $250 more than in the summer of 2016, the group said. At the same time, U.S. producers are increasing their output, and that’s taking the edge off for now. State and local average gas prices stayed within a penny of where they were a week ago.

Still, gas inventories are dropping as international tensions increase, fueled in part by President Donald Trump’s exit from the Iran nuclear deal, which is expected to result in sanctions that effectively limit the supply of Iranian oil on world markets.

In West Palm Beach, prices on Sunday ranged from $2.70 per gallon at five stations to $3.24 at Texaco on Palm Beach Lakes Boulevard, according to price-tracker GasBuddy.

In Jupiter, the cheapest gas was $2.75 at Mobil on Indiantown Road and Alt. A1A and Circle K on W. Indiantown Road and Orange Road. Four stations tied for the highest at $3.09.

In Wellington, the lowest price was $2.79 at Shell on US 441 near Southern Boulevard and the highest was $3.09 at Shell on Southshore Boulevard, according to GasBuddy.

 

 

 

 

Reader Comments 0

0 comments