Florida drivers saw some relief at the pump over the weekend, as gas prices trended downward after a sharp increase earlier in the week.
According to AAA, the state average gas price rose by 15 cents per gallon last week, peaking at $3.22 per gallon. However, the average price began to fall again, reaching $3.19 per gallon on Sunday.
Currently, the state average is 8 cents higher than it was a week ago, 6 cents higher than a month ago, but still 29 cents lower than it was a year ago.
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“Oil prices plummeted last week, which should contribute to lower prices at the gas pump,” said Mark Jenkins, spokesman for AAA – The Auto Club Group. “The oil price plunge is reportedly attributed to concerns that tariffs could cause a global economic slowdown, potentially resulting in a reduction in fuel demand. The market is also now worried about an over abundance of global oil supplies. This comes after OPEC+ announced plans to raise oil production in May by about three times more than previously planned.”
The U.S. price for crude oil settled at $61.99 per barrel on Friday, the lowest daily closing price since April 2021. The price of oil continued to decline on Sunday, dropping below $60 per barrel in overnight trading. It’s important to note that the price of oil significantly influences about half of what consumers pay for gasoline.
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