No bottom yet in sight for falling gas prices

Cheaper gas is probably something everyone can get used to. But how long will gas hover around the $2.75 mark or lower? Only time will tell.

The national average for regular unleaded gasoline fell to its lowest point since December 2010, dropping below $3 per gallon. Right now, more than 60 percent of American gas stations are selling gas below that mark, according to AAA, and 23 states have averages also below that mark.

In fact, Florida — where the gas average price is $2.96 — is ranked 20th in the nation, and is part of a region of the country where gas is at its lowest.

“Gas prices are still falling,” said AAA spokesman Josh Carrasco, in a release. “There is still room for the price at the pump to drop in the short term. We could see prices side another 5 to 15 cents by the end of the year.”

Gas prices dropped 33 cents in October, the steepest single-month decline since 2008. A lot of that can be attributed to the cheapening of crude oil, according to the AAA, which accounts for a vast majority of gasoline’s cost. West Texas Intermediate, for example, has dropped more than $25 per barrel since this year’s peak price of $107.73 on June 20. The current price for WTI closed at $80.54 on Friday, down slightly from the previous week’s close of $81.27.

“Abundant oil supplies, winter-blend fuels and low demand continue to place downward pressure on gas prices,” Carrasco said. “Crude oil prices seem to be leveling out, which may put the brakes on significant drops in gasoline prices. But we haven’t hit the bottom yet.”

The price for gas in Florida dropped 8 cents from the previous week to $2.96. It’s down 37 cents from a month ago, and 29 cents from a year ago.

Taking a look at where gras prices are locally, the cheapest gas in Land O’ Lakes is at the RaceTrac on State Road 52 and Silver Palm Boulevard, where prices were reported Sunday at $2.76, according to GasBuddy. The priciest is at the Shell located on State Road 54 and State Road 56, where prices were set at $2.97 over the weekend.

In Lutz, prices ranged from $2.84 at the Circle K at Van Dyke and Old Tobacco roads, to $2.99 at two Shell stations on Dale Mabry Highway.

Motorists were finding the best gas prices in Wesley Chapel at the Sam’s Club at State Road 56 near Bruce B. Downs Boulevard, where prices were set at $2.82. The most expensive there was at Shell just nearby at $2.93.

In Zephyrhills, the cheapest gas was reported at the Shell station at Paul S. Buchman Highway and Central Avenue at $2.84. The high was found at $2.95 at the Citgo, located at Gall Boulevard and Chancey Road.

Finally, drivers in Dade City looking for the best prices should look up either the Clark station on U.S. 301 and Long Avenue, or D&D at U.S. 98 and U.S. 301, where prices were set at $2.83. The most expensive in that area was found at the BP station on U.S. 98, where gas was priced at $2.99.

 

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