Florida drivers are catching a break at the pump as gas prices fell 15 cents last week, offering some relief after weeks of volatility. The average price for a gallon of gasoline dropped from 3.22to3.22to3.07 by Sunday, marking the lowest point since early January.
The decline comes as crude oil prices, which directly influence gas prices, have retreated from recent highs. “The discount at the pump came as a result of a decline in the price of crude oil,” said Mark Jenkins, spokesman for AAA – The Auto Club Group. “Earlier this month, oil prices rose to multi-month highs due to frigid temperatures in the southern U.S. and sanctions on Russian crude. Now, oil prices are back down to where they were to start the year, allowing gas prices to fall too.”
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This year has already seen significant fluctuations in fuel costs.
This year has already seen significant fluctuations in fuel costs. Gas prices in Florida have ranged from a high of $3.23 per gallon (1/16) to a low of $3.06 per gallon (1/8). Meanwhile, the price for U.S. crude has ranged from $72-$78 per barrel. After trading at $78/b in mid-January, the U.S. price for a barrel of oil settled at $72.53 on Friday.
The rollercoaster ride at the pump has left many Floridians cautiously optimistic. While the current dip is welcome, experts warn that gas prices remain sensitive to global oil market dynamics, including geopolitical tensions and production decisions by major oil-producing nations.
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For now, however, the downward trend is a small win for consumers. AAA advises drivers to shop around for the best prices, as significant variations can often be found between gas stations in the same area.
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