Oct. 29–Gas prices are finally making their annual downward march in the Orlando metro area, dropping 9 cents since the beginning of last week.
The price for a gallon of regular unleaded is the lowest its been since June 28 and could go another 10 to 15 cents lower over the next few weeks, according to AAA’sJosh Carrasco.
AAA’s Daily Fuel Gauge shows prices have dropped to just less than $2.60 a gallon in the region, and prices at some stations have fallen as low as $2.50.
“Oil prices have fallen over 10 percent in recent weeks, providing the bulk of the gas price relief we’re seeing, and will continue to see for the next week or two at least,” said GasBuddy analyst Patrick DeHaan in a statement.
It’s a welcome relief after much of the country has season unusually high gas prices for this time of year. The national average for a gallon of fuel is $2.82, about 41 cents higher than the same day in 2017.
Florida’s average price is 2.70 a gallon, 30 cents more than a year ago.
Blame it on crude oil, which is 24 percent more expensive than a year ago, even after falling sharply in recent days. The increases were part of a coordinated effort by OPEC nations to cut production and drive up prices. Nearly a year after that, countries such as Saudi Arabia have indicated they are willing to increase production again, leading to a drop in prices.
“While there is still some anxiety globally over a lack of spare oil capacity, the market has been laser-focused on discussions from oil producers, including Russia, that they will act to raise production,” DeHaan said. “OPEC meets in early December, and any official increase in oil production could go a long way to temper concerns of shortcomings in the market.”
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