Palm Beach County drivers enjoy drop in gas prices

By Palm Beach Business.com

DELRAY BEACH — Gasoline prices fell slightly over the past week and likely will move little over the next week or so, with one major caveat.

The U.S. Energy Information Administration reported that the national average pump price for a gallon of regular fell to $3.101 a gallon from $3.11 a week ago. A month ago, the average sat at $3.07 a gallon.

In Florida, regular fell more sharply to $3.079 a gallon from $3.111 a week ago. A month ago, the average sat at $3.069.

Palm Beach County has seen a drop in prices as well, with regular at $3.203 a gallon, down from $3.222 a week ago, according to AAA’s Fuel Gauge Report. Palm Beach County, as usual, is the most expensive market in Florida.

According to AAA, oil demand has remained stable and U.S. oil stockpiles are plentiful. That should mean prices staying about where they are.

However, the unrest in Egypt could influence prices if it spreads into other parts of the Middle East, particularly Saudi Arabia. And there is the possibility that the Suez Canal might be closed, blocking shipments of more than 1 million barrels of oil a day.

"While Egypt isn't a major player in the oil market, Saudi Arabia is the world's largest oil exporter and if oil production is affected we can expect oil prices to rise," said Jessica Brady, spokesperson, AAA Auto Club South. "While there is no immediate disturbance, the protests in Egypt will be closely watched. As for retail gas prices, they are expected to remain relatively unchanged."