Gasoline Price in South Florida Fall for the First Time in Twelve Weeks

The price of gasoline in South Florida fell in the past week, a first in almost twelve weeks. Plus, more reductions in the current gasoline prices are expected.

The Fuel Gauge Report of the AAA shows that the current gasoline price of regular unleaded in the entire greater-Miami-Dade region shed 4 to 6 cents, as the oil price per barrel fell below $93 for the first time since the 10th of August.

While stormy weather, Federal Reserve stimulus plans and on-going tensions abroad have provided an upward push on the prices of gasoline and its source input, crude oil, the report last week on the demand for fuel overturned many of these trends, said the AAA.

Crude oil inventories of the United States surged by 8.5 million barrels in the past week, marking their biggest gain since the month of March. Moreover, reports showed that domestic demand for fuel in the month of August fell to a 15-year low, according to the American Petroleum Institute.

It is uncertain if this downward movement will go on or not, but it is likely that Americans are going to witness more instability in the oil price per barrel, according to AAA spokeswoman Jessica Brady. She added that gasoline prices made more significant reductions (in South Florida) compared to what was seen elsewhere, with Southeastern states’ averages dropping at least 5 cents compared to the past week.

The average regular unleaded gasoline price at the national level reached $3.81 per gallon, a 5-cent drop compared to the past week. The average in Florida also shed 5 cents to $3.76 per gallon.

By: Chris Termeer

Chris Termeer

Chris Termeer is an oil and gas consultant, industry commentator and analyst. His book, Fundamentals of Investing in Oil and Gas provides a comprehensive overview of all aspects of the oil and gas industry, including exploration, drilling, production, storage, transportation and refining, to name but a few.

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