Florida gas prices shrugged off upward pressure and sank another 9 cents per gallon last week. The state average has now declined for three consecutive weeks, falling a total of 28 cents per gallon since late January.
On Sunday, Florida gas prices averaged $3.31 per gallon. That’s the lowest daily average price since mid-January. It’s a nickel more than this year’s low of $3.24 per gallon and well below the 2023 high of $3.58.
“The fuel market is on a downward trend due to a combination of rising global oil supplies and renewed concerns that the U.S. Federal Reserve will pass another interest rate hike in effort to curb inflation,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “This has already been a volatile year for prices at the pump, and that’s likely to continue in the coming months. Gas prices normally increase in the spring as Americans take road trips, which drives up fuel demand. At the same time, refineries conduct springtime maintenance and begin making summer gasoline, which is more expensive to produce.”
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Oil and gasoline futures prices dropped last week. The price for U.S. oil declined 4%, settling at $76.34 per barrel. That’s the lowest daily settlement in two weeks.
Meanwhile, gasoline futures also hit a 2-week low after dropped 10 cents per gallon. Unless there are lagging effects of last week’s oil price hike, gas prices should decline again this week.
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