Gas prices held stable in Florida last week but there are signs they could rise in the days to come.
“Florida gas prices may be nearing their floor as most of Florida prepares for the first phase of reopening on Monday. The lifting of stay-at-home restrictions has boosted optimism within the fuel market that gasoline demand will begin to rise,” AAA noted in a report released on Monday.
“After 10 weeks of mostly losses, crude oil prices rose 60 percent last week amid optimism that demand is beginning to pick up. The price for a barrel of US crude finished the week at $19.78 – the highest daily settlement in two weeks.”
In the meantime, the average gallon of gas in Florida cost $1.77 a gallon on Sunday, down two cents from the start of last week and just under the national average of $1.78 a gallon.
“The phased reopening of businesses and restaurants will signal a return to the road for many Florida drivers,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “Gas prices have plummeted 65 cents in the past 10 weeks. While the increased demand may not cause a pump price surge, it may signal the eventual end of the plunge at the pump.”
Gainesville and the West Palm Beach-Boca Raton area had the most expensive gas in the state at $1.93 a gallon followed by Fort Lauderdale at $1.88.
Jacksonville had the least expensive gas in the state at $1.61 a gallon followed Pensacola at $1.63 and Panama City at $1.64.