Gas prices in Florida reached a high for 2024. According to AAA Auto Club Group, the state average price reached $3.64 per gallon on Friday. That tied the 2024 high, which was set in mid-April. 

There are some reasons for Florida drivers to be encouraged. The U.S. price of oil dropped below $80/b on Wednesday, and settled at $78.11/b on Friday. That was a 7% drop from the week before. About half the price of gasoline is influenced by oil prices. The $5.74/b weekly decline is equivalent to a 10-15 cent swing in gasoline prices. 

“The price of oil took a step back last week, enabling gasoline futures to drop 20 cents per gallon,” said Mark Jenkins, Public Relations Manager for AAA – The Auto Club Group. “Unless those prices suddenly rebound this week, drivers should see gas prices steadily move lower this week,” Jenkins said.

Oil analysts attribute the price drop to a surprise increase in U.S. commercial oil inventories, and signs that geopolitical tensions in the Middle East could be weakening.