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Gas prices finally stabilize after holiday weekend

Lee Herald Favicon 16As gas prices move ever closer to $3 per gallon in Southwest Florida, finally some good news came over the holiday weekend.

A Friday plunge in oil prices driven by talks that OPEC, after spending much of the last two years trying to cut production and supply, may instead be looking to ease supply worries. Crude tumbled by $5 per barrel on Friday, and that mark has mostly held in place to start the week.

“This news couldn’t come at a better time, as motorists roll into the summer driving season,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The drop in crude should amount to a discount of at least 10 cents at the pump, in the short term. Yet that will not happen overnight. Retailers are usually slow to lower prices, especially those who bought shipments of gasoline when prices were at a premium.”

On Wednesday, the national average ran $2.96 per gallon after peaking at $2.97 on Friday and holding there ever since. In Florida, the average has held steady at $2.90 per gallon. Drivers in Lee County are paying an average of $2.87 per gallon, while it’s running $2.91 per gallon in Naples.

While analysts expect to see price drops in the coming days, they’re still reminding drivers not to get too excited about them.

I can confidently say that gas prices will be moving lower this week and perhaps into next week, so long as nothing comes out of left field to derail the plummet in oil prices,” said Patrick DeHaan, GasBuddy’s head of petroleum analysis.
“Motorists beware, however, the fall in gas prices will be slow to arrive at some stations and quick at others, so before gleefully filling up, check if you’re getting the best deal in the area.”

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