Southeast Gas Prices Plunge as Summer Begins
Gas prices have seen a notable decline across multiple states, with Florida experiencing a drop for 17 consecutive days, according to AAA. The state average has decreased by 25 cents to $3.30 per gallon, the lowest since February. In Escambia County, the average price was $3.11, with some stations in the Cantonment area offering prices below $3 per gallon. This reduction is attributed to weakness in the oil and gasoline futures markets, influenced by a stronger dollar and better-than-expected U.S. employment data. Additionally, the recent OPEC agreement to relax some voluntary output cuts later this year may further strengthen global fuel supplies.
Georgia has also seen a decrease in gas prices, with the average dropping to $3.29 per gallon, seven cents lower than the previous week. However, prices in certain areas like Savannah and Hinesville-Fort Stewart remain higher. AAA spokesperson Montrae Waiters mentioned that low crude oil prices are contributing to the current low fuel costs, but potential changes during the summer travel season could impact prices.
In South Carolina, the average gas price has decreased by 8.4 cents in the past week, now standing at $3.04 per gallon. This is 15.6 cents lower than a month ago and 11 cents lower than the same time last year. Nationally, gas prices have dropped by 10 cents to an average of $3.40 per gallon. Patrick De Haan of GasBuddy anticipates further declines in gasoline and diesel prices, with Americans expected to spend roughly $425 million less per week on gasoline compared to the previous year.
Overall, the decline in gas prices is widespread, with multiple states reporting significant decreases. Analysts attribute this trend to a combination of factors, including market dynamics and economic indicators. However, the upcoming summer travel season could influence future price fluctuations.
