With tensions in the Middle East declining, gas prices are starting to slip in the Sunshine State.
AAA released a report on Monday showing the average gallon of gas in Florida cost $2.49 on Sunday, down from $2.53 at the start of last week. That’s below the national average which stood at $2.58 a gallon on Sunday.
“Rising crude prices dragged gas prices higher in recent weeks. However, oil prices quickly sank as tensions between the US and Iran began to ease. Last week, the price for a barrel of WTI crude dropped nearly $5; going from $64/b on Monday to $59/b on Friday,” AAA noted.
Mark Jenkins, a spokesman for AAA and the Auto Club Group, weighed in on gas prices on Monday.
“Drivers normally see some of the lowest gas prices of the year in January, but prices have remained elevated compared to recent months, due to the rising price of crude,” said Jenkins. “Cooling geopolitical tensions between the US and Iran has alleviated some of the upward pressure on gasoline, and now drivers are beginning to see lower prices at the pump. The state average could dip another few pennies this week. Seasonal factors like low gasoline demand and growing supplies should allow gas prices to slip even lower this month. However, seasonal factors will be at play again in the spring. Gas prices are forecast to bounce 20-30 cents higher in the coming months as refineries conduct maintenance and switch to summer gasoline.”
The West Palm Beach-Boca Raton market had the most expensive gas in Florida with an average of $2.61 a gallon followed by Port St. Lucie and Gainesville which both had an average of $2.54 a gallon.
Punta Gorda had the least expensive gas in Florida at $2.42 a gallon followed by the Tampa-St. Petersburg-Clearwater area and Jacksonville which both saw an average of $2.44 a gallon.