Florida gas prices are on a rollercoaster ride, dropping 14 cents last week after a 10-cent increase the previous week. The average price for regular unleaded gasoline in Florida on Monday was $3.02 per gallon, down from $3.16 a week earlier, according to AAA.
This recent decrease follows a 15-cent drop two weeks ago, highlighting the volatility of gas prices in the state.
“Florida gas prices have been erratic,” said Mark Jenkins, spokesman for AAA – The Auto Club Group. “It wouldn’t be a surprise to see an uptick this week.”
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Several factors are contributing to the fluctuating gas prices, including:
- Oil prices: Oil prices have been trading on the lower end recently, contributing to the decrease in gas prices. However, oil prices remain volatile and could easily rise again.
- Summer blend fuel: Refineries are transitioning to summer blend fuel, which typically costs more to produce.
- Refinery maintenance and outages: Seasonal maintenance and an offline refinery in Northern California are impacting fuel supply.
- “Price cycling” in Florida: GasBuddy’s head of petroleum analysis, Patrick De Haan, predicts another round of “price cycling” in Florida, where retailers raise prices to restore profit margins after offering lower prices. He suggests prices could rise back up to $3.29 per gallon.
As of Monday, average gas prices in Florida ranged from $2.87 a gallon in the Panama City area to $3.18 a gallon in the West Palm Beach-Boca Raton area.
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