After unexpected increase, Florida gas prices dropping again
MIAMI - After unexpectedly moving higher last week, the price at the pump is dropping again.
Last Monday, the state average was $3.16 per gallon. It then rose 8 cents per gallon by Wednesday. However, that upward trend immediately reversed course, as the state average declined 2 cents a day over the next three days.
On Monday, Nov. 13th, the state average was $3.18 a gallon.
In Miami-Dade, the average price was $3.22, down from $3.25 a week ago. In Broward, the average was $3.22, down from $3.24 a week ago.
"Last week's gas price hike didn't make much sense, considering how oil and gasoline futures prices have steadily fallen through the past few weeks," said AAA spokesman Mark Jenkins. "Either way, the jump at the pump was short lived and those gains were mostly erased by the weekend. Oil prices are now at multi-month lows, which should help keep gas prices low through the holidays."
For the last three weeks, the price of crude has been on a streak of declines, falling 13% ($11) since late October. In late September, oil was trading at above $90 per barrel. Friday's closing price was $77.17 - a $5 drop from the week before.
The most expensive markets for gas in the state are West Palm Beach-Boca Raton, Naples, and Tallahassee. The cheapest markets are in the state's Panhandle.