AAA: Oil Fluctuations Should End Gas Prices’ Downward Trend in Florida

Florida gas prices have been on a downward trend for the past two weeks, AAA noted in a report released at the start of the week.

Some drivers in the state have found prices below $4 a gallon. However, that downward trend may level out, after the price of oil rebounded last week.

On Sunday, Florida’s average price for gasoline was $4.12 per gallon. That’s 6 cents per gallon less than a week ago, and 26 cents less than the record high of $4.38 – set a little more than two weeks ago. Despite the recent dip, pump prices remain 93 cents per gallon more than the 2022 low and $1.93 per gallon more than the lowest price in 2021. The national average stood at $4.24 a gallon on Sunday.

“Global fuel supply concerns continue driving extreme volatility in the fuel market, leading to big swings in the price of oil,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “After seeing strong drops two weeks ago, oil rebounded last week to a level that should cause falling gas prices to level off.”

On Friday, the U.S. price of oil settled at $113.90 per barrel. That’s $9.20 per barrel (9 percent) more than the week before. Despite the increase, oil remains almost $10 per barrel less than the 2022 high of $123.70/b reached nearly three weeks ago. The $10/b discount translates to a 25 cent drop at the pump – which already happened in the past two weeks.

West Palm Beach-Boca Raton had the most expensive gas in the state on Sunday at $4.29 a gallon followed by Fort Lauderdale and Miami which both saw an average of $4.23 a gallon.

Orlando had the least expensive gas in the state at $4.03 a gallon followed by Punta Gorda, the Melbourne-Titusville area and Pensacola which all saw an average of $4.04 a gallon.

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