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Gas prices continue to decline, but for how long?

Motorists in Manatee and Sarasota counties should continue to see incremental drops this week after costs fell nearly 5 cents last week.
Motorists in Manatee and Sarasota counties should continue to see incremental drops this week after costs fell nearly 5 cents last week.

Gasoline prices usually rise in the days leading to Memorial Day weekend and the start of the summer travel season, but this year that pattern has shifted into reverse.

At least for now.

Costs have declined for 24 consecutive days across the Bradenton-Sarasota area as well as Florida, according to AAA’s daily fuel tracker.

But that trend could soon come to a halt, according to industry analysts, as rising oil and gasoline futures prices have caused the downward shift to stall in some markets.

In the short term, motorists in Manatee and Sarasota counties should continue to see incremental drops this week after costs fell nearly 5 cents last week.

“As we get closer to Memorial Day, the market will continue to be influenced by crude prices, refinery production rates and gasoline inventories as key indicators that will steer retail prices into the summer,” said Mark Jenkins, a spokesman for AAA.

Said Patrick DeHaan, a senior petroleum analyst for Gasbuddy.com: “(We’ll) get a taste (this week) for where prices will go to start the summer driving season.”

On Monday, the average cost for a gallon of regular unleaded in the Bradenton-Sarasota area was $2.30, according to AAA. That’s down from $2.34 a week earlier and $2.41 a month ago, but well above the $2.14 at this point last year.

The region’s average ranks among the least-expensive in the state, along with Orlando ($2.26), Tampa Bay ($2.27) and Jacksonville ($2.30). The most expensive are West Palm Beach ($2.43), Miami ($2.37) and Fort Lauderdale ($2.37).

Gasbuddy’s daily survey of 308 outlets in the two-county area had Manatee County stations averaging $2.27 per gallon on Monday, while Sarasota was at $2.31. Nearby, Pinellas County stations were at $2.25 and Hillsborough outlets were at $2.28.

The state average was $2.32, down from $2.36 a week earlier, while the national average was $2.34.

Mike Garbett: 941-745-7011; @MGarbett52

This story was originally published May 15, 2017 at 9:41 AM with the headline "Gas prices continue to decline, but for how long?."

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