Gas Prices Slowly Decline in Florida, AAA Report Finds

AAA released a report on Monday that shows gas prices are slowly continuing to drop in Florida.

On Sunday, the average gallon of gas in the Sunshine State cost $2.85, down from $2.88 at the start of last week and lower than the national average of $2.87.

“Florida drivers are getting a welcome break from rising prices at the pump,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “Prices are declining now that refineries have mostly recovered from the power outages in mid-February, which resulted in reduced gasoline supplies. Crude oil prices also dropped in recent weeks, due to global concerns about rising cases of COVID-19 and lockdowns in Europe. Since retail prices have not yet fully adjusted to the oil and gasoline futures price drops, drivers should see pump prices slip even lower this week.”

“The price of U.S. crude (WTI) settled at $61.45 per barrel on Thursday. Last week’s closing price is down 7 percent from this year’s high of $66.09/b, which was set on March 5. Meanwhile, gasoline futures and wholesale gasoline prices are down around 15 cents per gallon, from previous highs,” AAA noted. “Although gas prices are significantly higher than this time last year, year-on-year comparisons can be misleading right now. That’s because pump prices were plunging in April 2020, due to the pandemic’s crippling effect on demand.”

The West Palm Beach – Boca Raton area had the most expensive gas in the state with an average of $2.98 a gallon followed by Miami at $2.91 a gallon and Fort Lauderdale at $2.90 a gallon.

Punta Gorda had the least expensive gas in the state with an average of $2.76 a gallon followed by the Villages and Ocala which both saw an average of $2.78 a gallon.

 

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