Florida gas prices are moving lower after oil and gasoline futures suffered big weekly drops. The national average price for regular unleaded is once again back below $5 a gallon. For now, it looks like the state average won’t make it that high.
According to a new report from AAA, Florida gas prices averaged $4.82 per gallon at the start of this week. The state average declined seven cents last week, after reaching an all-time high of $4.89 per gallon.
The national average stood at $4.98 a gallon at the start of this week.
“Florida drivers are finally catching a break after several weeks of rising gas prices,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “Gas prices are following oil and gasoline futures prices, which suffered significant losses last week. The losses are being tied to last week’s rate hike from the Federal Reserve bank, sparking fears of a possible recession. Prices also faced resistance on reports that the Biden administration is considering possible limits on petroleum exports, which have increased in recent weeks due to rising international competition for fuel.
“If this downward trend holds, gas price drops could accelerate, moving the state average back around $4.50 per gallon,” Jenkins continued. “But this fuel market remains extremely unstable, and things can change very quickly. It’s looking less likely that the state average will surpass $5 a gallon, but the driving season is young.”
The U.S. price of oil dropped 9 percent last week. Friday’s settlement of $109.56 per barrel is $11.11/b less than the week before. Gasoline futures lost 38 cents on the week, for a combined 2-week loss of 46 cents.
The West Palm Beach-Boca Raton area had the most expensive gas in the state with an average of $4.97 a gallon followed by Fort Lauderdale and Gainesville which both saw an average of $4.88 a gallon.
The Crestview-Fort Walton Beach area had the least expensive gas in the state with an average of $4.63 a gallon followed by Pensacola at $4.65 a gallon and Panama City at $4.69 a gallon.
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