Fuel gets cheaper MONEY 7B Gas prices in Florida dropped another 5 cents last week.
AAA: Average $2.15 for holiday travel
Rising demand doesn’t lead to higher prices.
Even though travel club AAA says this may be the most heavily traveledJuly4holidayweekendin history, prices at the pump fell another5 cents in Floridaand3 cents nationally over the pastweek.
Theaverage price for a gallon of always unleaded regular in Florida on Monday was $2.15. Nationwide, the averagewas $2.23.
Sub-$2 prices were rampant across metro regions including Tampa, Orlando, Melbourne and Vero Beach. Three stations in the Largo area of Pinellas County were competing at $1.89.
The falling prices are helping to fuel what AAA says could be a record number of holiday motorists. Nationwide, 37.5 million Americanswere expected to drive to their July 4 destinations over the long holiday period that began Friday. That’s a 2.9 percent increase over last year.
The monthlong gas-price freefall is a result of skidding crude oil prices in global markets over the past month, spurred by increased drilling production in the U.S. The declines might be nearing an end; a rebound in crude oil futures that began last week continued onMonday.
Abarrel ofWestTexas Intermediate crude was trading at $47.09 on the New York Mercantile Exchange late Monday afternoon — the eighth straight day of higher prices after crude dropped to $42.74 on June 22. One reason: a report on Thursday by the U.S. Energy Information Administration that drilling activity in theU.S. dropped by two rigs — the first pullback since January.
Meanwhile, the per-gallon price in Broward County onMonday was $2.22, 5 cents less than a week earlier. Motorists in MiamiDade Countywere paying an average of $2.25, a 3-cent drop compared with the previous Monday. Palm Beach County’s $2.27 average price on Monday was also 3 cents less than aweek earlier.
The lowest gas prices in the region could be foundwest of Interstate 95 in the West Palm Beach area — $1.99 at nine gas stations along Southern Boulevard, BelvedereRoadandOkeechobee Boulevard, according to GasBuddy.com.
Broward County motorists could find gas for $2.04 a gallon at two stations along North Federal Highway in Pompano Beach — a Valero at the intersection with East Atlantic Boulevard and a Citgo atNortheast Sixth Street.
The lowest reported price in Miami-Dade County was $2.03 at Sunshine Gas on Northwest 183rd Street and DouglasRoad in Miami Gardens.