Gasoline prices could be increasing soon, AAA says

Gasoline prices are low, but could be headed back up soon.

Provided.

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.

READ MORE ABOUT WHY GAS PRICES ARE SO LOW

 

“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.”

YOUR IDENTITY COULD BE STOLEN AT THE GAS PUMP

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.

 

Is ‘Wawa effect’ pushing gas prices down in Palm Beach County?

Gas prices are down slightly in the last week.

Where is the cheapest gas in Palm Beach County?  Since three Wawa convenience stores  opened  last Thursday, it’s likely to be at Wawa, as well as at  numerous gas stations within a few miles of those.

The “Wawa effect” is in full force, but it’s not known how long it will last.

“It is not uncommon that when a store enters a new market, that it is hyper competitive on gas prices,” said Jeff Lenard, the National Association of Convenience Stores vice president of strategic industry initiatives.

Wednesday, regular was priced at $2.17 a gallon at the three Wawas at 3950 S. Congress Ave., and 1771 S. Congress Ave., both in Palm Springs and at 7289 Garden Road in Riviera Beach. That’s well below the county’s average of $2.44 a gallon, down 3 cents from a week ago, according to AAA’s Fuel Gauge Report

But Florida’s average remains unchanged from a week ago at $2.29 a gallon.

The increased competition helps explain why five gas stations in Lake Park within 1 to 3 miles of the Riviera Beach Wawa, are also selling gas at $2.17, according to GasBuddy.com.   Rocket Fuel, 100 N. Federal Highway, North Palm Beach, is offering regular for $2.15.

A few stations near the Palm Springs Wawas dropped their prices to $2.16 a gallon, and Wednesday gas was also $2.16 a gallon at Costco in Lantana and Royal Palm Beach and at BJs in Boynton Beach.

Wawa’s introductory $1.99 a gallon ended Saturday.

The price of gas is still the top reason 51 percent of consumers surveyed say they stop at a particular station, but 16 percent say they choose a fueling location for the quality of its food, a national survey NACS  released Wednesday revealed.

“The margins on fuel are slim, and the idea is to get them in the store and incent them with a snack, sandwich or drinks,” Lenard said.

In the convenience store business, gasoline accounts for 70 percent of revenue dollars, but only 40 percent of profit dollars, Lenard said.

Patrick Dehaan, senior petroleum analyst at GasBuddy, said, “Sometimes, a large chain similar to Wawa will enter a new market and use low prices to spread word of mouth to bring in traffic and acquaint customers with their stations/brand.”

DeHaan said the low prices can last for days or weeks until the ownership is satisfied the brand is established.

“Wawa is likely forgoing profit for the aforementioned reasons. I wouldn’t expect it to be permanent. It’s likely an accepted cost of entering a market,” DeHaan said.

Lori Bruce, spokeswoman for Wawa, Pa.-based Wawa, said, “In new markets, it is our goal to attract new customers, as we are doing that in Palm Beach County with our offer and competitive pricing.  In every new market we’ve entered, we’ve increased the level of competition in the market, and that benefits our customers and fulfills our value proposition. We consider fuel as part of our overall unique offer that includes food, fresh beverages, convenience, services and fuel in one experience.”

Inexpensive gasoline is something many consumers seek, and more than half of consumers will drive out of their way to save 5 cents a gallon, Lenard said, even if driving those extra miles doesn’t make sense.

NACS’ survey found that 67 percent of consumers will drive 10 minutes out of their way to save 5 cents a gallon. That’s a 20-minute round trip, and at 30 miles per gallon, equates to burning to half a gallon. If gas is $2 a gallon, the motorist won’t break even, Lenard said.

Even saving 10 cents a gallon amounts to only $1.80 for an 18-gallon tank.

“But there is a real feeling of satisfaction and a real feeling of accomplishment when you are able to, as a consumer, affect your gas prices. There is nothing else like it,” Lenard said “You will not see someone drive out of their way to save 50 cents on milk, bread or eggs.”

 

 

 

 

 

 

Gasoline prices stable, but expected to begin climbing this spring

Gas prices are expected to start rising soon.
Gas prices are expected to start rising soon.

Gasoline prices remain relatively flat this week as demand remains low, but that is expected to end in the next few weeks.

Palm Beach County’s average for a gallon of regular rose to $2.44 from $2.43 a week ago, according to AAA’s Fuel Gauge Report. Florida’s average dropped to $2.27 from $2.28 a week ago.

Patrick DeHaan, senior petroleum analyst for Gas Buddy.com said that over the next few weeks gas stations are more likely to raise their prices than to lower them as demand begins to recover. Crude oil imports will start to reflect OPEC’s lower output, he said.

The national average typically rises 35 to 65 cents from its low price, usually in February, through Memorial Day, DeHaan said.

Here’s a look at the lowest prices reported locally on GasBuddy.com

Jupiter: $2.39, Circle K, 126 W. Indiantown Road; Mobil, 3950 W. Indiantown Road

Palm Beach Gardens: $2.29, Sunoco, 2490 PGA Blvd.

Lake Park: $2.15, RaceTrac, 200 N. Congress Ave.; Sunoco, 774 Northlake Blvd.; Marathon, 980 Northlake  Blvd.; Speedway, 1216 Northlake Blvd.; Murphy USA, 103. N. Congress Ave.

North Palm Beach: $2.20, Citgo, 100 N. Federal Highway

Suburban West Palm Beach: $2.19, 7-Eleven, 1001 N. Military Trail; Speedway, 6840 Okeechobee Blvd.; Marathon, 6917 Okeechobee Blvd.; Murphy USA, 1050 N. Military Trail; Exxon, 3066 N. Military Trail

Suburban Lake Worth: $2.16, RaceTrac, 3032 Lake Worth Road and Congress Ave.; Speedway, 3965 Congress Ave.

Lantana: $2.16, Costco, 1873 W. Lantana Road

Boynton Beach: $2.19, BJ’s Wholesale Club, 1540 W. Boynton Beach Blvd.

Wellington: $2.33, Shell, 192 U.S. 441

 

 

 

Gasoline prices dip slightly in Palm Beach County and Florida

Gasoline prices are trending downward.
Gasoline prices are trending downward.

Gasoline prices dropped this past week in Palm Beach County, with the average per gallon at $2.47 Monday down from $2.49 a week ago.

AAA’s Fuel Gauge Report shows Monday’s Florida average at $2.34 a gallon, down from $2.38 a week ago.

“Gas prices have taken their seasonal downward turn,” said Mark Jenkins, Tampa-based AAA spokesman. “Falling demand leads to oil and gasoline supply builds, which has pushed fuel prices lower. Gas prices should trend lower to finish the month, but begin a seasonal rise in February due to refinery maintenance season.”

Gasoline price average down 2 cents in Palm Beach County from a week ago

Gasoline prices are down slightly.
Gasoline prices are down slightly.

As demand for gasoline slips as it usually does in January, Palm Beach County’s average gasoline price has dropped 2 cents in the last week to $2.49 for a gallon of regular Tuesday.

AAA’s Fuel Gauge Report shows that Florida’s average dipped 3 cents to $2.37.

“Gas prices are beginning to follow that downward trend we are used to seeing in January, as gasoline demand typically hits its lowest point of the year,” said AAA spokesman Mark Jenkins.

“It’s possible prices could slip another 5-10 cents by the end of the month, but continued volatility in the price of oil could play spoiler,” Jenkins  said.

GasBuddy senior petroleum analyst Patrick DeHaan said that when refinery maintenance season begins in late February and the transition to summer gas prices starts, prices will likely increase.

 

 

 

Gasoline prices stable despite increased demand from holiday travelers

Gasoline prices remain flat this week.
Gasoline prices remain flat this week.

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.

 

 

 

 

 

 

More Palm Beach County gas stations hit $1.99 a gallon price point

Costco is among Palm Beach County retailers selling $1.99 a gallon gasoline.
Costco is among Palm Beach County retailers selling $1.99 a gallon gasoline.

Palm Beach County’s average gas price fell two cents in the last week to $2.25 a gallon for regular Monday,  but at leas nine stations are offering gas for $1.99 a gallon.

AAA’s Fuel Gauge report says the Florida average is down a penny $2.09.

As usual, prices at a cluster of stations in the suburban Lake Worth/West Palm Beach area are the lowest reported  on GasBuddy.com, along with Costco.

Gasoline is $1.99 a gallon at Cumberland Farms, 3980 10th Ave. N. and Kirk Road; RaceTrac, 3032 Lake Worth Road and Congress Avenue; Speedway, 3965 S. Congress Ave. and Lake Worth Road, 7-Eleven, 4774 Melaleuca Lane and Cumberland Farms, 4771 S. Military Trail and Melaleuca Lane.

Other stations selling $1.99 gas include Costco in Lantana, Royal Palm Beach and Boca Raton, and Citro, 2765 W. Forest Hill Blvd. and Prairie Road, suburban West Palm Beach.

December could bring more good news for motorists.

GasBuddy senior petroleum analyst Gregg Laskoski said pump prices generally fall in December.

“Over the past four years the average decline from Dec. 1 to Dec. 31 has been 15 cents per gallon and I’d have to think most of us would be pretty happy with that,” Laskoski said.

However, the outcome of an OPEC meeting scheduled for Wednesday in Vienna could impact gasoline prices. The OPEC cartel has a plan to cut back oil production by 1 million barrels a day, Laskoski said. But it’s likely that Russia, the largest non-OPEC oil exporter, will only agree to a freeze and not a production cut of its own.

A global oversupply of oil and gasoline has kept prices low.

 

 

Do presidential elections affect gas prices? Here is what experts say.

Gas prices are down 2 cents in Palm Beach County this week. Palm Beach Post/Allen Eyestone
Gas prices are down 2 cents in Palm Beach County this week.
Palm Beach Post/Allen Eyestone

Do presidential elections affect gas prices? No, experts say.

“If there’s one thing to be excited about for November it’s that gas prices in the last five of them have not risen nationally. Better yet, over the same time frame, gas prices nationally have averaged a modest twelve cent decline from start to finish. And while there may be more excitement as America heads to the polls this week, it’s important to dispel the myth: presidential elections do not affect gas prices,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.

“Whomever is our next Commander-in-Chief, we could see a change to previous energy policy which could have a negligible impact on gasoline prices, but more focus will be on OPEC’s coming decision to follow through on cutting oil output. Skepticism that OPEC won’t agree to a cut in production continues to prevail, with West Texas Intermediate crude oil closing last week at $44.07 per barrel, the lowest since September 20,” DeHaan added.

Palm Beach County’s average price for a gallon of regular gasoline inched down 2 cents in the last week to $2.35. Florida’s average fell to $2.20 from $2.22 last Monday, according to AAA’s Fuel Gauge Report.

Pump prices in Florida are likely to decline another 10 cents or more in the next week or two, said AAA spokesman Mark Jenkins.

Oil prices tumbled last week to six-week lows, due to an unxpected record-high build in doemstic crude oil inventories, AAA said.  Wholesale gasoline prices fell last week as well.

The Colonial Pipeline was shut down  following an explosion a week ago, and restarted Sunday. That outage had no effect on gas prices in Florida because the state is primarily supplied by waterborne shipments from Gulf Coast refineries, AAA said.

 

 

 

 

 

 

 

 

Gasoline average drops 1 cent in Palm Beach County and Florida, AAA says

Gasoline prices have decreased slightly this past week, AAA said.
Gasoline prices have decreased slightly this past week, AAA said.

Gasoline prices in Palm Beach County and Florida have dropped in the last week, with the average for regular decreasing by a penny, AAA said.

Monday, Palm Beach County’s average stood at $2.27 a gallon, down from $2.28 a week ago, while the state’s average decreased to $2.14 from $2.15, according to AAA’s Fuel Gauge Report.

Gas prices in Florida were largely unaffected by the  Colonial Pipeline Line #1 outage, because the state doesn’t rely on the pipeline for fuel deliveries. Florida’s gasoline arrives on ships from refineries in Texas, Mississippi, AAA said.

The outage affected Alabama, Georgia, North Carolina, South Carolina, Tennessee and Virginia. Service has been restored.

 

 

Gasoline prices declining; Palm Beach County’s average is $2.31 a gallon

Gas prices are declining.
Gas prices are declining.

With Labor Day over, gasoline prices are once again going down. Gasoline prices have been declining for 12 consecutive days.

Monday, Palm Beach County’s average for a gallon of regular stood at $2.31, down from $2.34 a week ago. Florida’s average is $2.18, down from $2.21 a week ago, and the national average has dropped to $2.17 from $2.20,  according to AAA’s Fuel Gauge Report.

A year ago, Palm Beach County’s average was $2.38.

Regular gasoline is being sold well below the average for $2.09 and a number of stations, according to GasBuddy.com. These include J&A, 4703 S. Military Trail and Melaleuca Lane, Lake Worth; Shell, 4201 Lake Worth Road and Kirk Road, Lake Worth; Exxon, 252 S. Military Trail and Gun Club Road, West Palm Beach, and Costco, 1873 W. Lantana Road, Lantana.

“Gas prices immediately began their seasonal downward trend at the beginning of September,” said AAA spokesman Mark Jenkins. “Refineries are entering maintenance season as they begin the switch to winter-blend gasoline. This fuel has fewer additives, making it cheaper to produce than summer-blend gasoline, which leads to lower gas prices. Gas prices should follow a downward trend through the rest of the year, unless there are refinery issues or if oil prices surge.”

Gregg Laskoski, senior petroleum analyst for GasBuddy, said, “With the kids back in school we’re now at that point when gasoline demand eases and refineries also return to the cheaper ‘winter- blend’ gasoline which should start reaching consumers later this week.

“The national average price of a gallon of gas remains 20 cents lower than the average we saw a year ago, and, coincidentally, the price of the benchmark WTI that opens this week ($46/barrel) is almost identical to where it was a year ago… all  of which aligns with the seasonal retail price decline,” Laskoski said.