Gas Prices in Florida Slide as Tensions With Iran Cool Down

Gas prices continue to drop in Florida as tensions in the Middle East ease.

According to a AAA report released on Monday, the average gallon of gas in the Sunshine State cost $2.49 at the start of the week, down four cents from the week before and below the national average of $2.58 a gallon.

“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.

“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 Mark Jenkins, a spokesman for AAA and the Auto Club Group. “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 the state on Sunday with an average of $2.61 a gallon followed by Port St. Lucie and Gainesville which both saw prices averaging $2.54 a gallon.

Punta Gorda had the least expensive gas in Florida on Sunday with an average of $2.42 a gallon followed by the Tampa-St. Petersburg-Clearwater area and Jacksonville at $2.44 a gallon.

 

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