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Merry Christmas, Florida: $2 gas is coming

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Georgia and Tennessee have gas stations where prices have fallen below $2 a gallon. And it looks like Florida might not be far behind.

Stations in the Jacksonville area reported prices of $2.10 over the weekend, according to AAA. And if prices keep falling at the current rate of 2 cents a day, that area will be at $2 a gallon by the end of the week.

“Gasoline prices are plunging with little sign of slowing down,” AAA spokesman Mark Jenkins said, in a release. “Oil prices dropped for the fourth consecutive week because of increased oil production and low demand, and that’s keeping downward pressure on the price of gasoline. It is unclear exactly how low prices will go, but gasoline will keep getting cheaper as long as oil does.”

More than 89 million Americans are taking to the road this week, and when they do it, they will find the cheapest gasoline since May 2009, and the lowest Christmas prices since 2008, Jenkins said. On average, Americans are saving $13 for a tank of gas compared to this time last year, and if prices were to remain at these levels, households would save $550 next year, according to the Energy Information Administration.

“Plunging pump prices have boosted disposable income by more than 3.5 percent, which encourages Americans to travel,” Jenkins said. “AAA expects the highest number of travelers during the year-end holidays on record, which dates back to 2001.”

Florida prices were at $2.48 per gallon on average, down 12 cents from last week, and 35 cents from a month ago. Gas was 88 cents more expensive a year ago.

Although nowhere local has gas as close to $2 as Jacksonville does, many service stations are well below the state average.

In Land O’ Lakes, both the RaceTrac and the Hess station on the State Road 52 area reported prices of $2.35, according to GasBuddy, while the Sunoco on Land O’ Lakes Boulevard near Causeway Boulevard, reported the highest prices at $2.53.

In Wesley Chapel, Sam’s Club reported the lowest prices in the entire area at $2.24 on State Road 56. Four other stations were at $2.39, but well above the reported number from the high-volume retail store.

Lutz had gas prices ranging from $2.37 at Metro Gas on State Road 54 near Foggy Ridge Parkway, to $2.49 at three stations, including two near Van Dyke Road.

The cheapest gas in Zephyrhills is at the Marathon station on Eland Boulevard and Geiger Road with a reported price of $2.34. In Dade City, it was the Clark station at the lowest, with $2.33 per gallon on U.S. 301 near Long Avenue. The Chevron station on Fort King Road and Clinton Avenue was the most expensive, according to the website, at $2.45.

Another week, another dime for gas prices

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There is still no end in sight on how low gas prices may go after the national average for a gallon of gasoline dropped another dime in the past week.

That new national average is now $2.70, the lowest since September 2010. Sunday marked the 73rd straight day that gas prices had fallen, losing 66 cents in the process.

“The shale boom continues putting downward pressure on the price of oil, which pushes gas prices even lower,” said AAA spokesman Mark Jenkins, in a release. “Oil prices are forecast to drive lower next week, which means gas prices will follow suit. Gas prices could fall another 15 cents before the end of the year.”

Gas could even drop below $2 a gallon in some markets, Jenkins said. However, that it’s unlikely the national average will hit that low by the end of the year, and Florida likely won’t see those types of prices either.

Yet, Florida is dropping too, matching the national average at $2.70. That’s down 7 cents in the last week, and 73 cents from last year.

The price of oil dropped to its lowest level in five years, AAA said. The price for a barrel closed Friday at $65.84, down 31 cents from the week before. The shale boom has boosted U.S. oil production to just under 9.1 million barrels a day, the fastest rate on record, dating back to 1983.

Prices hit $2.57 at the Marathon station at Land O’ Lakes Boulevard and Ehren Cutoff on Sunday, according to GasBuddy. That’s a sharp contrast from the $2.74 reported at the Sunoco located on Land O’ Lakes and Causeway boulevards.

In Wesley Chapel, the cheapest gas was also $2.57, and found at the Sam’s Club on State Road 56 near Bruce B. Downs Boulevard. Five stations reported the highest gas in that particular part of Pasco County, at $2.69.

Lutz gas ranged from $2.54 at the Circle K at Van Dyke and Old Tobacco roads, to $2.79 at a Shell station at North Dale Mabry Highway and Van Dyke.

On the eastern side of the county, Zephyrhills had its cheapest gas at $2.59 at three different locations. The most expensive, according to GasBuddy, was $2.69 at two Gall Boulevard gas stations. In Dade City, it was $2.49 at two gas stations — the Clark station on U.S. 301 near Long Avenue, as well as D&D on U.S. 98 and U.S. 301. The most expensive there was reported at a Chevron station on Fort King Road and Clinton Avenue with a reported price of $2.62 per gallon.

Could gas fall to $2? Not here, but a few places might

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It wasn’t very long ago that there was hope gas would drop below $3 a gallon by the end of the year. But could the unimaginable be possible instead? Could gas actually drop below $2 a gallon?

For 58 consecutive days, gas prices have dropped in Florida. And it’s not stopping anytime soon, especially after OPEC decided against cutting oil production to help stabilize gasoline prices.

“Drivers in southeastern states, such as Tennessee, may see a select few stations selling gas at or below $2 in the coming weeks,” AAA spokesman Josh Carrasco said, in a release. “The chances of gasoline averaging $2 per gallon are highly unlikely. Oil process would have to drop another $25 to $30 a barrel before we reach the $2 threshold.”

OPEC, which controls about 40 percent of the world’s oil, decided to continue production 30 million barrels of oil per day at a meeting in Vienna last week. That decision caused oil prices to nosedive, but not as much that would bring widespread $2 gasoline for the country.

West Texas Intermediate crude oil, the benchmark for the United States, fell $7.54 on Friday to $66.15 per barrel, AAA said. That’s the lowest close in five years.

“Oil production is outpacing demand,” Carrasco said. “The (United States) is the difference maker. Domestically, oil companies are producing over 9 million barrels a day, which is placing downward pressure on gasoline prices. Motorists should expect gas prices to fall throughout the holiday season.”

Gas in Florida on Sunday was $2.77 per gallon, down a nickel from a week ago, and 22 cents from this time in October. It’s down 69 cents from this time last year.

Taking a look at local gas prices, the RaceTrac station at State Road 52 and Silver Palm Boulevard reported the lowest gas prices in Land O’ Lakes on Sunday at $2.62, according to GasBuddy, while three other stations were posting the community’s highest gas prices at $2.79.

In Wesley Chapel, Sam’s Club on State Road 56 near Bruce B. Downs Boulevard regained its crown of having that community’s cheapest gas at $2.63, while the BP station at Willow Oaks Drive nearby has the most expensive reported gas at $2.79.

The Citgo station in Lutz was the cheapest in that area with posted prices of $2.66 at the North Dale Mabry Highway and Land O’ Lakes Boulevard location. Three other stations, like its neighboring communities, topped out at $2.79.

Zephyrhills had four stations selling gas at $2.64 per gallon, while the Citgo on County Road 54 and 20th Street had the most expensive at $2.71. In Dade City, gas prices ranged from $2.63 at two separate stations, to $2.69 at a Chevron at Fort King Road and Clinton Avenue.

Like falling fuel prices? Thank shale

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Oil production in the United States is at its highest level since the release of the first “Back to the Future” movie in 1985, and a lot of that has to do with the new shale boom.

Crude oil settled at $82.75 on Friday after dropping below $80 for the first time in two years just the day before, as gas prices continue to drop both locally and nationwide.

“Motorists are paying $5 to $15 less to fill their tanks than they were around July 4,” said AAA spokesman Josh Carrasco, in a release. “This is extra money that consumers can use for the holidays, either to put presents under the tree, or dinner on the table.”

Prices in Florida dropped 9 cents in the past week to $3.15. It followed a drop of a dime nationally, creating the lowest average since February 2011. At the statewide level, gas is still not at $3 in Florida, but that’s not true in other southern states, like Tennessee, where gas averaged $2.89 — down 11 cents from the week before.

Gas in Florida is down 14 cents from a month ago, and 18 cents from a year ago.

“Gas prices should continue to fall through the end of the year,” Carrasco said. “$3 a gallon and cheaper should become a common sight for motorists. The state averages of Florida and Georgia could be at or even below the $3 a gallon mark as early as Thanksgiving.”

Gas in Land O’ Lakes was at $3.07 at four different stations on Sunday, according to GasBuddy.com, including Citgo at State Road 52 and U.S. 41, the Hess in the same location, the Marathon station at Land O’ Lakes Boulevard and Ehren Cutoff, and the RaceTrac at State Road 52 and Silver Palm Boulevard.

In Lutz, the best prices were mostly the same with $3.07 at Chevron and the Sunoco both at State Road 54 and Collier Parkway. The most expensive was $3.19 at two Shell stations.

Seven stations in Wesley Chapel are below $3, with five as low as $2.95. That includes two Marathon stations, a Hess, a Mobil and a Shell. The highest prices in that area were really not above $3.09.

Gas was a little more expensive in Zephyrhills with $3.05 at the Marathon on Eiland Boulevard and Geiger Road, as well as Murphy USA at Gall Boulevard near Ginger Avenue. The cheapest in Dade City was reported at Clark on U.S. 301 near Long Avenue, where gas was $2.95. The most expensive there was $3.12 at the Shell located at Cortez Boulevard and U.S. 301.

Refinery problems freeze gas prices

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The dream of gas under $3 may have to wait a little longer, at least in Florida.

Refinery outages in both Canada and Texas put a halt to the summer-long decline in gas prices, and even went as far as pushing prices up in some places, like Pensacola.

“Refinery maintenance, especially in the Gulf, is causing the tightening of supplies in some areas,” said AAA spokesman Josh Carrasco, in a release. “As a result of these refinery issues, the downward pressure eon gas prices motorists saw earlier this month has stopped.”

Several companies in the Gulf region — home to more than 40 percent of U.S. refining capacity, announced an unplanned maintenance, AAA said, which reduced gasoline output in this areas. Those outages occurred the same time as other refineries in the region are conducting seasonal maintenance.

Oil prices also are rising again, with West Texas intermediate crude rising $1.13 to $93.54 a barrel on Friday.

“Overall, motorists are still seeing value at the pump,” Carrasco said. “Gas prices are at a seven-month low, and we expect gasoline to continue trending downwards in the coming months.”

Prices in Florida held steady this week at $3.29, but was down 8 cents from a month ago, and 6 cents from a year ago.

The cheapest gas in Land O’ Lakes was $3.16, and found at a few stations in the area, including the Hess on State Road 52 and U.S. 41, as well as the RaceTrac at State Road 52 and Silver Palm Boulevard, and another RaceTrac on Land O’ Lakes Boulevard, near Lake Patience Road, according to GasBuddy. The most expensive gas reported to the site was $3.29 at the Shell station on the corner of State Road 54 and State Road 56.

In Wesley Chapel, prices ranged from $3.12 at Sam’s Club near Bruce B. Downs Boulevard, and $3.29 at a Shell station nearby. Lutz gas was as low as $3.16 at the Chevron and Sunoco at State Road 54 and Collier Parkway, and as high as $3.39 at the Shell on North Dale Mabry Highway and Van Dyke Road.

Gas prices in Zephyrhills climbed a little bit to a low of $3.15 at the Marathon on Eiland Boulevard and Geiger Road, as well as the Mobil on State Road 54 and Allen Road. The most expensive was reported at the Cumberland Farms on Gall Boulevard and State Road 39, where gas was $3.26.

The cheapest gas in Dade City was $3.13 at Clark, on U.S. 301 near Long Avenue. The most expensive there was said to be at Chevron on the corner of Fort King Road and Clinton Avenue, were prices came in at $3.24.

Gas prices still recovering from Labor Day weekend

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Gas prices are still trying to come down after the expected bump during Labor Day weekend, but that hasn’t stopped gas prices from being the lowest still since 2010 as September gets under way.

And prices could get better, especially with federal employment levels lower than expected.

“Demand typically eases going into the fall, but a high jobless report causes speculation that demand for gasoline may be even lower,” said Mark Jenkins, a spokesman for AAA-The Auto Club Group, in a release. “This report, combined with easing geopolitical tensions between Russia and Ukraine, and refineries beginning to switch from summer to winter blend fuels, all continue to place downward pressure on what is already unseasonably low gas prices.”

That trend, as Jenkins has shared before, could mean gas cheaper than $3 a gallon before the end of the year.

The U.S. Department of Labor reported last week that 142,000 new jobs were created in August, lowering the national unemployment rate slightly to 6.1 percent. While that is a positive growth in jobs, it was lower than analysts had expected.

Oil prices took a hit this past week as well, with a barrel of oil selling for $93.29 on Friday, a drop of $2.67 from the previous week. That is a seven-month low for crude.

The average gallon of gas in Florida was $3.36 on Sunday, down a penny from $3.37 a week ago, and 3 cents from a month ago. It’s 19 cents lower than what it was a year ago, however, AAA reported.

“Some markets are seeing more expensive gasoline compared to last week,” Jenkins said. “Much of that has to do with demand jumping during the Labor Day weekend, causing lower supplies and higher prices. It is possible that prices could inch up toward the middle of the month as refineries prepare to switch to the cheaper-to-produce winter blend gasoline on Sept. 15, but prices usually fall through the remainder of the year.”

The cheapest gas in Land O’ Lakes on Sunday night was $3.19 at the Mobil station on State Road 52 near the Suncoast Parkway, according to GasBuddy. The Shell station at State Road 54 and State Road 56 was listed as the most expensive at $3.37.

Wesley Chapel had some cheaper gas, found once again at Sam’s Club on State Road 56 near Bruce B. Downs Boulevard, where prices were reported at $3.17. Four locations — including a Shell station, 7-Eleven, Hess and Mobil — had gas prices at $3.37.

In Lutz, prices ranged from $3.21 at the Circle K on Van Dyke and Old Tobacco roads, to $3.39 at two Shell stations — one on Van Dyke near Lakeshore Drive, the other at North Dale Mabry Highway at Van Dyke.

Gas prices in Zephyrhills were found from $3.22 at a Mobil station on State Road 54 near Allen Road, to $3.34 at a Citgo on Gall Boulevard and Chancey Road. The cheapest gas in Dade City was $3.25 at three locations — Raceway, Marathon and Clark — while the most expensive, according to GasBuddy, was found at the Chevron station on Fort King Road and Clinton Avenue for $3.31.

 

Traveling? Labor Day gas prices expected at 4-year low

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When gas prices will start to climb again, no one knows. And while there may be a slight increase in time for the high-demand season of Labor Day weekend, AAA says expect those prices to be the lowest they’ve been in four years.

“Record-high oil production is keeping downward pressure on gas prices,” said AAA spokesman Mark Jenkins, in a release. “The bottom fell out again on oil prices last week, which should lead to another week of discounts at the pump despite rising demand, as 29.7 million Americans plan to take a road trip for Labor Day weekend.”

The price for a barrel of oil dropped $3.70 last week to $93.65 — its cheapest since January. Refineries are producing the most petroleum for this time of year since 1989, AAA said, primarily because of the shale boom, which has boosted oil production in the United States by 64 percent in the past five years.

Gas prices in Florida were at $3.34 on Sunday, down nearly 2 cents from the week before, and 15 cents lower than what they were a month ago. Prices also are 22 cents cheaper than Labor Day weekend last year.

Of the southern states AAA reviews in its report, Tennessee and the cheapest gas at $3.21 a gallon, down a penny from the week before, and 18 cents lower than Labor Day 2013.

The cheapest gallon of gas in the Land O’ Lakes area, according to GasBuddy.com, is at the RaceTrac on State Road 52 and Silver Palm Boulevard, where prices were reported late Sunday night at $3.11. The Shell station at the corner of State Road 54 and State Road 56 had the highest prices in the area at $3.37.

In Wesley Chapel, Sam’s Club on State Road 56 near Bruce B. Downs Boulevard had the cheapest gas at $3.14, with the Shell station at State Road 54 and Oakley Boulevard reporting $3.39.

In Lutz, the Chevron and Sunoco stations on State Road 54 and Collier Parkway both reported $3.18 Sunday night, while the most expensive was found at the Shell station at Van Dyke Road and Lakeshore Drive at $3.39.

Gas in Zephyrhills still remains a little pricier than other parts of the county, with GasBuddy’s lowest reported price at the Marathon station on the corner of Eiland Boulevard and Geiger Road where it cost $3.25 per gallon. The Citgo at County Road 54 and 20th Street was the most expensive at $3.34.

Dade City was a little cheaper, with $3.17 reported at the Clark station near the corner of U.S. 301 and Long Avenue. The most expensive was $3.31 at the Chevron station on the corner of Fort King Road and Clinton Avenue.

Why do gas prices seem to rise the more east one travels in Pasco County? Read all about it in this week’s print edition of The Laker/Lutz News, available Aug. 27.