Bet on this: Gas prices in Bradenton-Sarasota still falling

MANATEE -- You'd have better luck betting on lower gas prices than on the Powerball.

Retail gasoline prices in the Bradenton-Sarasota area have fallen 1.3 cents per gallon in the past week, averaging $1.94 a gallon, according to GasBuddy's daily survey of 308 area gas outlets. And we remain cheaper than the national average, which fell 1.8 cents per gallon in the last week to $1.97 a gallon.

Prices in the state of Florida averaged $1.97 a gallon, down 1.7 cents per gallon from last week's $1.99 a gallon.

Gas prices are likely to fall even lower this week, due to the falling price of oil. Crude prices declined $3.60 last week, which could lead to a decline of about 9 cents at the pump, according to AAA -- The Auto Club Group.

"A global glut in oil keeps pushing oil prices lower, which makes it cheaper to produce gasoline," said Mark Jenkins, AAA spokesman. "Unfortunately, gas prices could eventually rise about 50 cents between February and May as gas supplies tighten due to seasonal refinery maintenance."

Prices Sunday in Bradenton-Sarasota were 17.4 cents per gallon lower than the same day one year ago and are 4.2 cents per gallon lower than a month ago. The national average has decreased 3.8 cents per gallon during the last month and stands 15.6 cents per gallon lower than this day one year ago.

"The first week of January seems to be on par with prior years," said Jeff Pelton, GasBuddy senior petroleum analyst. "History has shown that 12 of the past 16 Januarys have yielded the worst demand for the year. If Wednesday's EIA report is indicative of things to come in the next three weeks, this January may prove to be no different.

"The tension between Saudi Arabia and Iran, while traditionally would cause a rise in oil prices, the times have changed and the incentive now is for the Saudis to pump away and keep Iran's coffers as empty as they can," he added. "Add to the mix the turmoil in the Chinese financial markets which has roiled the U.S. stock market and you should get gas prices which will decline through the month."

Pump prices remain at their lowest level since 2009, providing drivers with noticeable savings in the cost to refuel their vehicles. Gas prices in Florida have declined 52 of the past 60 days.

This story was originally published January 11, 2016 at 9:23 AM with the headline "Bet on this: Gas prices in Bradenton-Sarasota still falling ."