Gas prices in area remain stable but should take seasonal slide

The average retail prices of gasoline in the area last week remained the same as the week before at $2.41 a gallon, according GasBuddy’s daily survey of 308 gas outlets in Sarasota.

The local average is below last week’s statewide average of $2.45, according to AAA, and the Sarasota-Bradenton region has among the lowest average prices in the state, according to AAA.

Meanwhile over the past week, the national average has increased 0.4 cents per gallon to $2.48.

According to GasBuddy, gas prices on Sunday were 2.4 cents per gallon higher than the same day a year ago and 2.6 cents more per gallon than a month ago.

Statewide, the most expensive gas price averages are in West Palm Beach-Boca Raton ($2.57); Miami ($2.51); and Crestview-Fort Walton Beach ($2.49), according to AAA. The least expensive price averages in the state are in Jacksonville ($2.40); Orlando ($2.40); and The Villages ($2.41).

Nationally over the last month, average prices went up 1.7 cents per gallon. They are 11.9 cents higher than a year ago. Five years ago, a gallon was fetching $3.39.

Both GasBuddy and AAA report that prices remain elevated because of strong oil prices. West Texas Intermediate last week settled above $62 a barrel for the first time since December 2013.

GasBuddy and AAA also agree that prices are poised for a seasonal slide, at least for the spring.

“Retail prices could drop 5 to 15 cents in the next month and a half, while supply outpaces demand,” said Mark Jenkins, a AAA spokesman. “Unfortunately, springtime is a springboard for prices at the pump, and we may see a 40 to 50 cent jump by the summer.”

Patrick DeHaan, head of petroleum analysis for GasBuddy, agrees.

“I must caution motorists, however, that any downturn would likely be short-lived as gas prices typically begin moving higher after the sweetness of Valentine’s Day has worn off as refiners begin maintenance and the long road to summer gasoline begins,” DeHaan said.

This story was originally published January 8, 2018 at 10:25 AM with the headline "Gas prices in area remain stable but should take seasonal slide."