undergroundnewsroom.com February 20, 2018

Gas Prices Fall in New Jersey

25 October 2017, 12:58 | Gordon Grant

Need gas? You'll pay less than last month, but more than last year

Gas prices continue slide

Gas prices in the Orlando area continue to march downward, dropping by a dime during the last week. According to GasBuddy.com, stations in both Columbus and Starkville are selling gas as low as $2.09 per gallon, although the price ranges as high as $2.23 at some retailers.

"While the national average [price for gas] may drift slightly lower in the week ahead, higher oil prices may soon put a stop to the streak", the report read. Florida gas prices dropped another 5 cents during the past week.

Demand for gasoline continues to be weak nationally after the end of the summer driving season and stability in oil prices.

In Friday's market action, benchmark USA crude added 18 cents to settle at $51.47 a barrel on the New York Mercantile Exchange.

"Motorists should expect another round of discounts at the pump this week", AAA spokesman Mark Jenkins said. Gas prices are down again, for mid-October.

Never has that been more evident than with hurricanes Harvey and Irma.

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Drivers in San Francisco paid $3.07, the highest per-gallon prices in the contiguous US, compared to the $2.14 average in Baton Rouge, Louisiana. In nearby San Bernardino and Riverside, prices dropped to $2.94 per gallon and $2.97 per gallon respectively.

According to GasBuddy, the average price this week in the Harrisburg area is $2.56 a gallon.

In Central Florida, there also is steep competition from national competitors Wawa, 7-Eleven and RaceTrack, which can buy their own unbranded gasoline and try to undercut competitors.

Gas prices in Lancaster County have been extremely volatile over the past decade. The cycle then repeats. Wholesale prices in the Great Lakes are 20 cents higher than along the Gulf Coast, where they are lowest, DeHaan said. Meanwhile, oil prices gained nearly a dollar last week after the EIA reported a 5.7 million barrel decline in oil supply and a 1 million barrel drop in production.

Patrick DeHaan, head of petroleum analysis for GasBuddy, believes the national average might continue to decline for the next few weeks.

Taking a longer view, DeHaan noted that even with Harvey's impact, gas prices have stayed below $3.00 a gallon for almost three years.

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