Florida drivers paid 7 cents less at the pump last week as fuel prices fell for the first time in almost a month.
Gasoline averages $3.50 a gallon in the Sunshine State, a price point 8 cents cheaper than the 2023 peak and just 3 cents more than the same time last year.
The decline is said to be due to a combination of domestic and global factors AAA – The Automobile Club. Contributors to the dip, the group said, include a $100 per barrel cap The European Union bet on Russian oil on Friday and speculation that the US Federal Reserve could raise interest rates further afterwards unexpected increase in jobs – a step that could reduce fuel requirements.
That suggests gas could get even cheaper — and soon, AAA spokesman Mark Jenkins said in a statement.
“Oil prices are 10% lower than two weeks ago,” he said. “Meanwhile, wholesale gasoline prices have fallen by nearly 40 cents. Unless the market suddenly recovers, motorists could fall another 5 to 15 cents this week.”
Florida gas prices fell to less than $3.49 a gallon Monday, up two cents from that national average but 17 cents cheaper than neighboring Georgia. Gasoline was cheapest in Texas, where drivers paid about $3.09 a gallon, and most expensive in Hawaii, where it cost $4.91.
data from the energy information management showed that gas demand rose from 8.14 million to 8.49 million barrels a day last week. At the same time, domestic gasoline inventories grew by 2.6 million barrels to a total of 234.6 million barrels.
“Keep an eye on the price of oil because oil currently accounts for almost 60% of what we pay at the pump.” Andrew Gross said by AAA.
Florida’s most expensive gas was once again at the West Palm Beach Boca Raton Market, where motorists paid an average of $3.70 a gallon. Naples drivers paid an average of $3.59 a gallon, while Fort Lauderdale shoppers had it third worst, paying $3.57 a gallon.
The cheapest gasoline was in the Crestview-Fort Walton Beach area, where prices averaged $3.25 per gallon, followed by Panama City ($3.26) and Pensacola ($3.33).
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