Palm Beach County drivers facing higher gas prices

By Palm Beach Business.com Staff

DELRAY BEACH — Gasoline prices continue to spike in Palm Beach County, seemingly rising by the hour as the Memorial Day weekend approaches.

AAA’s Fuel Gauge Report puts the average price of a gallon of regular locally at $2.433 a gallon, up 2 cents from Tuesday’s average and 8 cents more expensive than a week ago. A month ago regular was averaging $2.176 a gallon.

Earlier in the week, the U.S. Energy Information Administration pegged the national average price for regular at $2.309 a gallon, up from $2.24 a week ago and $2.059 a month ago.

For Florida, the feds put the average price at $2.31 a gallon, up from $2.232 a week ago and $2.094 a month ago.

A year ago, prices were well above $3 a gallon and heading for $4. No one is expecting a similar surge this summer, especially with the wounded economy. The EIA expects regular to average $2.21 a gallon through September.

Bloomberg News earlier in the week reported that many market watchers expect gasoline futures to drop sharply to the $1.40 a gallon range after Memorial Day. Futures have surged 11 cents since last Friday to $1.81 a gallon. Crude oil was at $62 a barrel Wednesday afternoon.

Diesel prices, meanwhile, are going up but not nearly as sharply as gasoline. In fact, diesel, which last summer was more expensive than premium gasoline is now cheaper than regular.

AAA reports the average price at $2.423 in Palm Beach County — a penny cheaper than regular. A week ago diesel averaged $2.407; a month ago, it averaged $2.383 a gallon.

EIA said diesel is averaging $2.23 a gallon nationally, up from $2.16 a gallon.

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