U.S. gas price average peaks; county average falls

The national gas price average is the highest it has been this year, at $2.66 a gallon for regular, but Palm Beach County and Florida’s averages were down a few cents Monday.

Palm Beach County’s average fell to $2.73 for a gallon of regular from $2.76 a week ago, while Florida’s average was $2.61, down from $2.63 a week ago, according to AAA’s Fuel Gauge Report.

“Gas prices are only a penny away from topping the $2.67 high of 2017,” said Jeanette Casselano, AAA spokeswoman. “The price is likely to increase as spring brings warmer weather and the switchover to summer blend gasoline, but hopefully we will only see mild jumps in coming weeks.”

Gas prices have edged higher this week following the Energy Information Administration’s latest weekly report that showed gasoline inventories dropped by 1.1 million barrels. Additionally, demand for gasoline remains robust at 9.2 million barrels per day and is in line with demand levels at the same time in 2017.

Patrick DeHaan, head of petroleum analysis for GasBuddy, said Monday that as markets have shown, concern is growing about a possible trade war between the U.S. and China.

“Oil prices have been hit hard, leading gas prices to dramatically slow their recent ascent,” he said. “While the pause button may be hit for the time being on the spring surge, it is still likely we’ll see prices advance again soon.

“Thankfully, the bulk of refinery maintenance is likely behind us, but keep in mind the volatility of the stock market has had a major influence on gas prices in the last year, so we may still be susceptible to sudden and dramatic change in U.S. policy and also still be susceptible to any lingering maintenance at the large refineries.”