Fluctuating oil prices lead to uncertainty at the pump

Fluctuating oil prices lead to uncertainty at the pump

Fluctuating oil prices lead to uncertainty at the pump

Prices were also down in South Florida - dropping two cents to $2.43 in Broward County and $2.49 in Palm Beach County.

Monday, Palm Beach County's average had already dipped 2 cents a gallon to $2.49 from $2.51 a week ago, according to AAA's Fuel Gauge Report. By contrast, the cheapest gas is located in Springfield, at $2.23 per gallon. The station supervisor at the Chevron told ABC13 they dropped prices in response to the Texaco lowering prices - they kept going until the prices hit 79 cents.

That spring run-up in gas prices that experts have been predicting? Leading decliners was the Midwest: Indiana fell 12 cents, Kentucky and OH fell 9 cents, MI dropped 8 cents and IL fell 6 cents. The contract closed at $48.49 on Friday.

"The oil market is under pressure and USA inventories continue to build, despite OPEC efforts to reduce supply", said Gene LaDoucer, North Dakota spokesman for AAA-The Auto Club Group. The sudden skid in oil prices last week developed after the Energy Information Administration's Weekly Petroleum Status Report showed another large increase in crude oil inventories. "I remain optimistic that the annual spring rally at the pump could be less severe than expected, but remain cautious as it remains hard to know where the new path will lead oil prices in the week ahead". The auto club says the lowest average price is in Traverse City at $2.29, with the highest in Jackson at $2.41.

"The oil glut lingers", he said, but should reverse by May. "Although it could take several weeks, analysts believe oil prices could recover by the time OPEC meets again in May".

Those higher prices motivated US producers to add drilling rigs and ramp up production to more than nine million barrels a day - up from 8.2 million barrels in April 2016. Ohio's prices dropped 7.4 cents per gallon from the previous week.

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