Savings at the gas pump are averaging $10 for every fill-up, yet it doesn’t look like gas prices are going to start heading back up anytime soon.
In fact, prices crept closer to $2 a gallon this past week, as domestic oil supply is at a three-decade high, and forecast to keep growing. At the same time, the price of oil fell to its lowest level in five years.
“Oil prices are plunging because there is so much oil in the market,” AAA spokesman Mark Jenkins said, in a release. “It’s unclear exactly how long this will continue, but gas prices will keep falling as long as oil prices do. Right now, oil prices are forecast to fall through the first half of next year, which further increases the likelihood of $2 gasoline.”
The national average price for a gallon of regular unleaded gas has fallen 35 cents in the past month, AAA said, settling in at $2.56 on Sunday. Prices were as low as $2.09 in Brighton, Tennessee; $2.16 in Albany, Georgia; and $2.27 in Orange Park.
“Tennessee motorists should begin seeing gasoline as low as $2 a gallon at various gas stations in the next couple days,” Jenkins said. “Gas stations in some Florida and Georgia cities could start selling $2 a gallon gas within the next 15 days.”
However, it’s still unlikely that either the national or state averages will fall that low, Jenkins added. But if oil prices keep falling, then there may not be a bottom above $2 in the near future.
The price of oil fell below $60 a barrel for the first time since July 2009, closing Friday at $57.81, down $8.03. That is allowing gas prices to drop between 1 cent and 2 cents per day, Jenkins said. That could mean another drop of between 10 to 20 cents by Christmas Day.
On Dec. 25, 2009, the national average price for a gallon of regular unleaded was $2.59, but was $1.65 the year before.
Right now in Florida, the average gas price Sunday was $2.60, down a dime from a week ago, and 80 cents from a year ago.
Locally, the cheapest gas in Land O’ Lakes is found at the RaceTrac at State Road 52 and Silver Palm Boulevard, according to GasBuddy, where prices were set at $2.43 on Sunday. The most expensive was $2.59 at several gas stations throughout the area.
In Wesley Chapel, those looking for a bargain found the cheapest gas at Sam’s Club on State Road 56, where fuel was sold at $2.44 a gallon. The most expensive was reported at $2.69 at the Citgo on State Road 54 and Boyette Road. In Lutz, prices ranged from $2.39 at the Citgo at Livingston Avenue and East Bearss Avenue, to $2.69 at two stations near Van Dyke Road.
In Zephyrhills, the cheapest gas was reported at Murphy USA at Gall Boulevard near Ginger Avenue with a price of $2.47, according to GasBuddy. The most expensive was $2.59 at the Citgo at Wire and Otis Allen roads. Dade City prices were at their lowest point at D&D at U.S. 98 and U.S. 301 with a price of $2.42, and the most expensive was listed at $2.59 at two different gas stations.