After hitting 2023 high, Florida gas prices have dipped a bit
MIAMI - After hitting a new high for the year a little more than a week ago, Florida gas prices have dipped a bit.
When the state's average reached $3.84 per gallon, it was the most expensive average since August 2022. Since then the average has since dropped for nine consecutive days, falling by about a dime per gallon, during that time.
Monday's state average was $3.73 per gallon. That's the lowest daily average price since July 31. Despite the recent drop, Florida drivers are paying 7 cents more than this time last year.
The West Palm Beach and Naples metro markets had the highest average prices. The lowest averages were in the Panhandle.
"Florida drivers are likely relieved to see gas prices move lower again, but that downward trend may not last long," said AAA spokesman Mark Jenkins. "Last week, gasoline futures prices rebounded to the same levels that led to the 2023 highs we saw earlier this month."
Jenkins said it can sometimes take a week or two before changes in the futures market hit the retail side.
Gas futures rose as a number of refiners continue to grapple with hot weather, reducing output at a time when the country is seeing a late summer demand surge. Extreme heat can cause complications in the form of equipment failures, in addition to regional electrical outages and severe weather."It's not uncommon to see gas prices fluctuate during the summer months," Jenkins said. "The long-term forecast is unclear, as hurricane season remains a major wild card. Gas prices could spike if a hurricane threatens refineries along the Texas, Louisiana, and Mississippi coastlines."
