Gas prices in Bradenton sit right at $2, besting US average price

Average retail gasoline prices in the Bradenton-Sarasota area hit $2 a gallon on Monday, falling 3.3 cents per gallon in the past week, according to GasBuddy's daily survey of 308 area gas outlets.

That’s significantly lower than the national average, which fell 2 cents per gallon in the last week to $2.13 a gallon, according to GasBuddy.com.But it’s the lowest mark since April and the lowest price for this date since 2004.

"Motorists are seeing some of the cheapest gas prices for this time of year in over a decade," said Josh Carrasco, spokesman, AAA - The Auto Club Group. "Abundant fuel supplies and declining oil prices are the main contributors to the drop in price at the pump. It's between $5 to $7 cheaper to fill your tank compared to last year, and those savings are motivating more Americans than ever to take a road trip this summer."

Locally, prices are 51.6 cents per gallon lower than the same day one year ago and 17.2 cents per gallon lower than a month ago.

Statewide, retail gas averages $2.06 a gallon, down 3.5 cents per gallon from last week's $2.09 a gallon. Florida gas prices have declined for 54 consecutive days, falling 27 cents.

“Despite high demand for gasoline, prices have continued to fall amidst an oversupply of gasoline across the country,” said Will Speer, senior petroleum analyst with GasBuddy. “High gasoline inventories, which are up 11.8 percent from this time last year, will continue to be a thorn in the side of refiners and a boost for consumers as a seasonal downturn in gasoline demand is on the horizon after Labor Day.”

This story was originally published August 1, 2016 at 9:32 AM with the headline "Gas prices in Bradenton sit right at $2, besting US average price."