Peak pain at the pump may have passed

Jacksonville, FL — It’s a promising sign for your monthly household budget.  Gas prices may have hit their peak for the year.

Gas Buddy is predicting that relief is likely just days away from beginning in some areas of the country, including Jacksonville.

“Back in early April Jacksonville prices jumped up to $2.79, they went down, they jumped back up to $2.79 just a week and a half or so ago. And now prices are working their way down. But that $2.79 mark could be the ceiling for this year”, said Patrick DeHaan, head of petroleum analysis at Gas Buddy.

World affairs including a potential trade deal with China could influence oil and gasoline prices. And the severity of hurricane season could also affect the price you pay the pump.

DeHaan says over the last two years much of Florida has seen what is called price cycling.  That is when prices spike a big amount every one to one and a half weeks, only to slowly fall, then jump right back up again within a week or two.

“That is kind of a trend we’ll continue to see in Florida.  I think what’s important to note is that that big cycle is going to continue but I think each time it happens it will roughly be to the same amount that prices jump up to”, DeHaan said.

He says you can expect a range of $2.50 to $2.80 for most of the summer barring unexpected circumstances.

Because of the price cycling behavior, it may pay to shop around as some stations are selling unleaded as low as $2.60 per gallon.