Gas prices in Bradenton-Sarasota hold steady, 26 cents lower than 2015
MANATEE -- Average retail gasoline prices in the Bradenton-Sarasota area have not moved in the past week, averaging $1.96 a gallon, according to GasBuddy's daily survey of 308 area gas outlets. This compares with the national average that has fallen 0.5 cents per gallon in the past week to $1.99 a gallon.
Statewide, prices average $1.99 a gallon, down 1 cent per gallon from last week's $2 a gallon.
Prices in Bradenton-Sarasota are 26 cents per gallon lower than one year ago and are 4.7 cents per gallon lower than a month ago. The national average has decreased 5 cents per gallon during the last month and stands 19.9 cents per gallon lower than a year ago.
"Talk about starting the New Year off right," said Patrick DeHaan, GasBuddy senior petroleum analyst. "The national average at $1.99 is a great way to begin 2016, and over 20 cents lower than where we started 2015. The good news is that we could see even more price drops before the seasonal lift that will likely begin as we push towards spring."
Gas prices are likely to remain relatively low in 2016. AAA estimates the annual average price of gas in 2016 is likely to end up between $2.25 and $2.45 per gallon, which would be cheaper or at least comparable to this year's average of $2.40 per gallon.
"Motorists enjoyed some of the cheapest gas prices in years thanks to a global glut in oil supplies which helped keep the price of oil and gasoline production costs low," said Mark Jenkins, spokesman for AAA - The Auto Club Group. "Gas prices remained at their lowest level for the year-end holidays since the 2008-09 holiday season. Increased demand from holiday travelers temporarily froze prices in place, but gas could get even cheaper in January as demand tapers off."
Energy prices are forecast to remain low this year, according to the U.S. Energy Information Administration. The EIA projects the price of WTI oil to average $50.89 next year ($49.08 in 2015).
This story was originally published January 4, 2016 at 10:14 AM with the headline "Gas prices in Bradenton-Sarasota hold steady, 26 cents lower than 2015 ."