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Gas prices continue to plummet, but for how much longer?

17 October 2017
Gas prices continue to plummet, but for how much longer?

AAA released a study on Monday finding, on average, Floridians paid $2.47 per gallon on Sunday, down from $2.54 a week before.

Gas prices in MA are down by four cents this week.

That represents a 7-cent decline in the past week.

Ogden- $2.56/g, down 1.1 cents per gallon from last week's $2.58/g.

Miami had the most expensive gas in the state with an average of $2.62 per gallon followed by Bacon Raton at $2.61 per gallon and Fort Lauderdale at $2.56 per gallon.

AAA Spokesman Mark Jenkins states, "Motorists have enjoyed a month-long plunge at the pump, after prices skyrocketed because of Hurricanes Harvey and Irma".

According to GasBuddy's daily survey of more than 300 area stations, Manatee County outlets were averaging $2.39 per gallon on Monday, with Sarasota County at $2.43.

Meanwhile, for the first time since Harvey (limited supply) and Irma (increased demand) caused prices to skyrocket across Florida in late August and early September, the state average ($2.46) fell below the national average ($2.47).

The current price is still more than 20 cents a gallon higher than a year ago.

Analysts predict motorists can expect more of the same in the coming week.

While the South and Southeast tout the largest inventory of any region in the country, levels are both 5 million bbl below pre-Harvey rates and levels this time past year.

Gasoline prices decreased in a majority of states while rising in the Great Lakes due a regional phenomenon called price cycling in which prices drop quickly due to price wars but then suddenly spike once margins deteriorate to losses.