PANAMA CITY — This fall marked a season of falling gas prices in Bay County and across the U.S., and experts say prices should dip even more before Christmas, paving the way for affordable holiday travel.
According to AAA, motorists are now saving an average of $10 per tank when compared to prices in December 2013, and with the domestic oil supply at a three-decade high, AAA spokesman Martin Jenkins said the downward trend likely will continue.
“It’s unclear exactly how long this will continue, but gas prices will keep falling as long as oil prices do,” Jenkins said. “Right now, oil prices are forecast to fall through the first half of next year, which further increases the likelihood of $2 gasoline.”
The average price for a gallon of regular gas in Bay County clocked in at $2.45 Monday, lower than both the state and national averages, which hovered at $2.59 and $2.54, respectively.
AAA’s fuel price report cited the average retail price of gasoline as lower than it’s been in more than a half-decade, with expectations the national average could drop to $2.50 by Christmas.
Average prices in Florida already trump where they stood on Christmas Day in 2009, when gas cost $2.63 per gallon.
“Gas prices are currently falling 1 to 2 cents a day,” Jenkins said. “If that trend continues, pump prices could drop another 10 to 20 cents by Christmas Day. Motorists likely will see the cheapest gas prices for the year-end holidays in six years.”
In the Bay County area Monday, the lowest rates in the area were about 50 cents cheaper than they were in late October, with three local gas stations reporting prices of $2.29 per gallon when customers paid with cash. Low prices also flashed at Sam’s Club in Panama City, where customers enjoyed gas at $2.30 per gallon.
The Jacksonville metro area had some of the cheapest gas in the state Monday, with a pair of stations reporting prices as low as $2.25 per gallon.
Prices are a result of a declining crude oil benchmark for West Texas Intermediate, which fell to $57.81 per barrel Friday, the lowest its been since May 2009.
Earlier this year, falling oil prices and typical fall price declines pushed the national average for a gallon of regular gasoline under $3 for the first time since 2010. Experts are now predicting prices will fall below $2 in many states in the coming weeks.
“Tennessee motorists should begin seeing gasoline as low as $2 a gallon at various gas stations in the next couple days,” Jenkins said. “Gas stations in some Florida and Georgia cities could start selling $2 a gallon gas within the next 15 days. Although it is unlikely the national or state averages will fall as low, it could be a possibility if oil prices keep falling.”
LOW PRICES
Lowest gas prices in Bay County for 1 gallon regular unleaded:
- BP, 6217 Cherry St., Callaway: $2.29 (cash)
- Exxon, 4131 Cherry St., Parker: $2.29 (cash)
- Beeline, 1415 Tennessee Ave., LynnHaven: $2.29 (cash)
- Sam’s Club, 1707 W. 23rd St., Panama City: $2.30
- Shell, 4131 Cherry St., Parker: $2.31
- Raceway, 4146 E. U.S. 98, Parker: $2.34
- Cannon Oil, 1520 State 77, Panama City: $2.34
- Raceway, 3433 E. 15th St., Panama City: $2.34
- M&M Market, 3210 Transmitter Road, Panama City: $2.34
- Murphy USA, 731 N. Tyndall Parkway, Callaway: $2.34
- MP Food Mart, 3919 W. State 390, Panama City: $2.36
- EZ Lane, 501 Ohio Ave., Lynn Haven: $2.36
- MP Food Mart, 1401 Ohio Ave., Lynn Haven: $2.36
Source: GasBuddy.com