Florida gas prices decreased by 7 cents since a week ago, averaging $2.696 according to gas price reports Tuesday.
What’s happening locally?Arcadia gas station prices had the most change since last week, lowering by 12.9 cents to achieve an average of $2.642 per gallon.
Punta Gorda averaged $2.562 a gallon Tuesday, which is a dime cheaper than this time last week.
Port Charlotte is also lower averaging $2.619 per gallon, which is 11.5 cents less last week. There were stations in Port Charlotte however selling gas as low as $2.549 on Tuesday.
Meanwhile, Venice has the most expensive gas stations, averaging $2.677 a gallon Tuesday. Their gas stations also had the least traction since last week, only lowering by 7.4 cents.
Englewood gas stations reported prices averaging $2.622 Tuesday, with prices 11.4 cents cheaper since last week.
North Port gas stations lowered their prices by 8.9 cents, averaging $2.639 per gallon Tuesday.
Good news: prices are lowering
This is mainly due to fuel supplies stabilizing, according to Mark Jenkins, a spokesperson for the American Automobile Association (AAA).
The price of crude oil is also settling down, squaring off at $61.66 per barrel Friday, or $1.14 less than two weeks ago April 26.
“Recent declines in wholesale gasoline should allow the state average to slip another 5 cents or more in the next week or two,” Jenkins said.
Wholesale gasoline has declined nearly 10 cents in the past two weeks, according to Jenkins, making it cheaper for retailers to purchase fuel.
Bad news: there’s still a chance for prices to go up
Memorial Day weekend is typically the most expensive time for gas due to the month being so volatile.
“A lot can happen between now and Memorial Day,” Jenkins said. “Motorists should not be surprised if pump prices rise again.”
Thankfully, the state average is 12.2 cents less than it was this time last year.
However, between May 14, 2018, and May 26, 2018, state gas prices rose an average of 10 cents up to $2.918.
Florida as well as Punta Gorda are currently on their 11th consecutive day of declining prices.