Florida gas prices declined 7 cents per gallon last week. On Sunday, the state average was $3.50 per gallon.
That’s 8 cents below the 2023 high and only 3 cents more than this time last year.
- 2023 High – $3.58 per gallon
- Current price – $3.50 per gallon
- 2023 Low – $3.24 per gallon
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“Pump prices are moving lower again after a sharp drop in the oil and gasoline futures markets,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Oil prices are 10% lower than two weeks ago. Meanwhile, wholesale gasoline prices have fallen almost 40 cents. Unless the market suddenly rebounds, drivers could see gas prices drop another 5-15 cents this week.”
The drop is due to a combination of domestic and global factors. On Friday, the European Union agreed to impose a $100/b price cap on Russian oil.
Additionally, there’s speculation that the strong January jobs report could cause the Federal Reserve to pass additional interest rate hikes, which could potentially lower fuel demand.
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