14 March, 2017
In the last week, global oil price benchmark plunged about 9 percent and this morning hovers around $51 a barrel. Statewide, we're down 7¢ to $2.34.
Prices here are 65.4 cents higher than this time a year ago, and 12.4 cents higher than last month, according to GasBuddy's weekly review.
DeHaan said lowered oil prices may keep the seasonal rise in fuel prices from being as sharp as in past years.
The national average is at $2.29 per gallon. Fundamentals of oil have weakened, and with last week's large 8.2 million barrel rise in crude oil inventories, the market has turned decidedly bearish for now.
If nothing else, the fall in oil prices is delaying the inevitable rise in gasoline costs for much of the spring season, according to GasBuddy, which tracks fuel pricing and refining activity. The supervisor at this station said they dropped their prices because a competitor across the street kept lowering theirs.
WTI crude oil for April delivery traded down about 0.4% Monday morning, at $48.27 a barrel, almost $5 a barrel less than a week ago.
"The annual spring rally at the pump could be less severe than expected", said Patrick DeHaan, a Gasbuddy senior petroleum analyst. Ohio's prices dropped 7.4 cents per gallon from the previous week.
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This time a year ago, the area average was $1.85.
Nearby, drivers in Pinellas County were paying an average of $2.13, with those in Hillsborough slightly higher at $2.15.
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