Average price of gallon of gas dips another 2 cents

Gasoline prices have fallen for the last five weeks, and this past week Palm Beach County’s average dipped another 2 cents per gallon. The downward trend is expected to continue this week.

Monday, Palm Beach County’s average for a gallon of regular stood at $2.53. Florida’s average was $2.40, down 3 cents from a week ago, according to AAA’s Fuel Gauge Report.

“Seasonal trends like reduced gasoline demand and increased fuel supply are allowing pump prices to keep moving lower,” AAA spokesman Mark Jenkins said Monday.

“The first half of December is normally characterized by weak demand, as cold weather and shorter days cause Americans to drive less,” Jenkins said. “Look for another week of declines as refineries continue to produce gasoline at a much higher rate than what is being consumed.”

Weekly supply figures showed a large buildup in gasoline availability and lower demand, AAA said.

“Nationally, gas prices are 10 cents cheaper on the month and will continue to drop as we count down the days to the holidays,” AAA spokeswoman Jeanette Casselano said Monday. “AAA expects gasoline demand to weaken throughout the winter, which translates to better prices at the pump.”

Gasoline inventories rose by 6.78 million barrels last week, the biggest increase since January. Meanwhile, domestic crude oil production moved above the 9.7 million barrels-per-day mark for the first time since 1971.

The growth in these fundamentals is bearish for long-term oil prices, which analysts from Oil Price Information Service believe could soon see a significant drop back to $50 a barrel, due to reduced global demand during winter. Oil settled at $57.36 per barrel Friday, $1 less than the week before.

Patrick DeHaan, head of petroleum analysis for GasBuddy, said that despite recent falling prices, gasoline prices are forecast to rise next year.

“With the exception of some Great Lakes states where prices tend to be volatile, average gas prices moved lower in nearly the entire country in the last week,” DeHaan said.

“Thank a large build in gasoline inventories and gasoline demand numbers that have finally seen a reprieve from levels that were more consistent with summer months than autumn,” DeHaan said. “With OPEC extending its oil production cuts, there is solid evidence that U.S. oil producers will fill in at least some of the void with rig counts remaining strong.

“As the focus continues to broaden beyond the rest of the year, motorists who found this year’s gas prices high may want to begin setting aside some additional funds for next year as all signs continue to point to higher prices than this year.”

Here are the lowest gas prices Monday as reported on GasBuddy. com.

■ Jupiter: $2.49, Marathon, 5490 Military Trail

■ Juno Beach: $2.41, Shell, 14731 U.S. 1

■ Palm Beach Gardens: $2.34,

Sunoco, 2490 PGA Blvd.

■ North Palm Beach: $2.27, Rocket Fuel, 100 N. Federal Highway

■ Lake Park: $2.29, Speedway, 1216 Northlake Blvd.; Murphy USA, 103 N. Congress Ave.; RaceTrac, 200 N. Congress Ave.; Citgo, 1401 10th St.; Sunoco, 774 Northlake Blvd.

■ Riviera Beach: $2.32, Cumberland Farms, 7228 N. Military Trail; RaceTrac, 4156 W. Blue Heron Blvd.; 7-Eleven, 7280 N. Military Trail; Marathon, 7245 N. Military Trail; Chevron, 4128 W. Blue Heron Blvd.

■ West Palm Beach: $2.26, Sam’s Club, 4295 45th St.

■ Royal Palm Beach: $2.27, Costco, 11001 Southern Blvd.

■ Wellington: $2.40, Marathon, 2741 State Road 7

■ Belle Glade: $2.67, Marathon, 1540 NW Ave. L

■ Lake Worth: $2.19, Marathon, 3276 S. Congress Ave.

■ Lantana: $2.27, Costco, 1873 W. Lantana Road

■ Boynton Beach: $2.29, BJ’s, 1540 W. Boynton Beach Blvd.

■ Delray Beach: $2.29, Murphy USA, 16211 S. Military Trail

■ Boca Raton: $2.29, Costco, 17800 Congress Ave.