While the price of gas rose across the Sunshine State in the past week, AAA expects it to drop in the coming days.
The average gallon of gas in Florida rose as high as seven cents over the past week but, on Sunday, stood at $2.67, four cents higher than at the start of last week and 23 cents more than a month ago. However, drivers in Florida are paying 10 cents less than they did at this time last year. Prices in Florida remain below the national average which stood at $2.77 a gallon on Sunday.
“The brief 7-cent increase last week was a delayed response to Tropical Storm Barry, which caused a short-lived surge in crude and gasoline futures the week before. However, that upward pressure quickly evaporated early last week, upon learning that Barry did little to no damage to Gulf Coast refineries,” AAA noted on Monday. “Futures price drops accelerated in the middle of last week. Crude oil and gasoline futures sank to 4-week lows, following a bearish report from the EIA, which fueled oversupply concerns. The EIA’s weekly report cited weakening gasoline demand, higher gasoline stocks, and a smaller-than-expected drop in oil supplies. Also pushing crude prices lower is news that oil output from Russia is rebounding from a 3-year low earlier this month.”
Noting the drop in crude oil prices. Mark Jenkins, a spokesman for AAA and the Auto Club Group, said he expected gas prices to continue to fall in Florida.
“After quickly rising last week, Florida gas prices are already on their way back down,” said Jenkins on Monday. “Prices at the pump are falling at an average rate of one penny per day. The state average could reach $2.55 per gallon in the next two weeks, unless futures prices quickly change course.”
West Palm Beach-Boca Raton had the most expensive gas in the state at $2.74 a gallon followed by Naples at $2.72 a gallon and Gainesville at $2.70 a gallon. Pensacola had the least expensive gas in Florida at $2.63 a gallon followed by Punta Gorda at $2.64 a gallon and Jacksonville at $2.65 a gallon.