Florida gas prices dropped 8 cents per gallon last week. The state average has now declined three consecutive weeks, for a total discount of 24 cents per gallon, since mid-April.
On Sunday, the state average was $3.48 per gallon. That’s the lowest daily average price since April 6th.
“Weakness in the oil market has contributed to the recent drop in gas prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “That weakness has been driven by domestic economic concerns. Underwhelming Chinese economic indicators have also created uncertainty about global fuel demand. With continued volatility in the fuel market, it’s unclear whether this downward trend will continue in the lead-up to the busy Memorial Day travel weekend.”
The U.S. price of crude has fallen 15% during the past month. Friday’s closing price of $70.04 per barrel the lowest daily settlement in 7 weeks and $13.22/b less than the 2023 high – set on April 12th.
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Floridians are forecast to travel in record numbers for Memorial Day weekend. According to AAA’s 2023 Memorial Day Travel Forecast, nearly 2.4 million Floridians will journey 50 miles or more. That’s 172,000 more than last year and 96,000 more than before the pandemic, in 2019.
Florida travel numbers are set to reach new record highs in both the auto and air travel categories. An estimated 2.1 million Floridians will drive, which is 137,000 more than last year. Meanwhile, 208,000 are forecast to fly, which is 25,000 more passengers than last year’s holiday.
“Memorial Day weekend is the kickoff to what promises to be a very busy summer travel season,” said Debbie Haas, Vice President of Travel for AAA – The Auto Club Group. “Despite various inflationary pressures, consumer spending is strong, and Americans still want to travel. Because of that, we’ve seen demand come roaring back, beyond pre-pandemic levels in Florida.”
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