Orlando Sentinel

Good news for Florida motorists:

- By Ron Hurtibise Staff Writer

Gas prices are falling and may have hit their summer peak.

Go ahead and plan that road trip. Gas prices are falling again in Florida and might have hit their peak for the entire summer, travel club AAA said in its weekly gas price update.

So far, the price of a gallon of unleaded gas has fallen by seven cents in Metro Orlando during the last week and four cents statewide, but AAA says a nationwide gas glut will send prices down further this week and keep them in check for the foreseeabl­e future.

“Gas prices were knocked off their seasonal upward trend, when new data revealed record-high refinery activity, setting off market concerns of a gasoline glut,” AAA spokesman Mark Jenkins said. “When refineries finished spring maintenanc­e season, they accelerate­d production to levels that have outpaced demand.”

As a result, Jenkins said, “motorists have likely seen the highest prices for the foreseeabl­e future and retail prices should fall a few cents more this week.”

Gas prices started to rise late last year after oil-producing nations, both inside and outside OPEC, agreed to cut global production. Crude oil prices slid below $50 for most of March, recovered to more than $50 for the first three weeks of April, then settled back below $50 on April 21, where it has remained since then.

A barrel of WTI crude was trading at $48.74 on the New York Mercantile Exchange just after noon Monday.

The average per-gallon gas price in Florida was $2.41 on Tuesday, compared to $2.46 just more than a week ago — which was a 20-month high, AAA said.

In Metro Orlando, motorists were paying an average of $2.38 Tuesday, compared to last week’s average of $2.45.

Jenkins said prices might have reached their highest levels for the summer driving season, when stronger demand typically results in higher pump prices.

Of course, there are no guarantees when it comes to something as volatile as global energy prices, he said.

“As we’ve seen in the past week, things in the market can change, and that’s especially true for the summer months,” Jenkins said. “Gas prices have been known to climb during the summer if a hurricane threatens refineries along the Gulf Coast, if a major refinery has an unexpected outage that would impact supply, or if any global factors cause oil prices to spike.”

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