Local gas prices drop by a dime in week

Idaho gas prices edge lower

Joe Raedle Getty Images file

Despite a recent decline of about 30 cents per gallon for regular, gas prices in the Bradenton-Sarasota-Venice market remain about 18 cents higher than they were before the recent spate of hurricanes. That's 13 cents below the national average of $2.45 and 10 cents below the Florida average.

Gas inventories are continuing to increase after Hurricane Harvey.

In Illinois, the average gas prices was $2.54 on Tuesday, with the cheapest gas being in Paris, Illinois, at $1.96 a gallon.

"There's more room to come down", said AAA Florida spokesman Mark Jenkins.

Belleville gas stations have the second-lowest prices in IL on Tuesday morning, with three offering regular gas at $2.05 a gallon.

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Since the peak, prices have dropped 40 cents a gallon, or about a penny a day.

According to data collected by GasBuddy, which tracks fuel pricing, the average price on Monday at Manatee County stations was $2.33 per gallon, with Sarasota County outlets slightly higher at $2.36.

That results in rocky gas prices in the Orlando area. The cycle then repeats. Meanwhile, oil prices gained nearly a dollar last week after the EIA reported a 5.7 million barrel decline in oil supply and a 1 million barrel drop in production. Wholesale prices in the Great Lakes are 20 cents higher than along the Gulf Coast, where they are lowest, DeHaan said.

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"Perhaps even more wild is that the national average has now remained under $3 per gallon for almost three years, or 1,087 days as the days of cheap oil have continued", said Patrick DeHaan, head of petroleum analysis for GasBuddy. "Based on what we are seeing now, the potential by the end of the year is for prices to be in $2 to $2.10 range". "Perhaps even more wild is that the national average has now remained under $3 per gallon for almost 3 years, or 1,087 days as the days of cheap oil have continued".

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