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Florida gas prices continue to dip lower

Florida gas prices continue to inch lower
Florida gas prices continue to inch lower 00:24

MIAMI - Florida gas prices continue to inch lower.

Pump prices dropped 11 cents per gallon last week, according to AAA.

On Monday, Florida gas prices averaged $3.27 per gallon. That's the lowest daily average price since the state's gas tax holiday was in effect on October 31.

In Miami-Dade, the average was $3.35 a gallon and in Fort Lauderdale it was $3.33 a gallon.

"Florida gas prices have plunged 30 cents in the past three weeks, due to low oil prices and strong gasoline supplies," said Mark Jenkins, AAA spokesman. "The downward momentum should continue this week. Unless fundamentals change, the state average could drift below $3.20 per gallon by next weekend."

The U.S. price of crude oil increased 5% last week. Friday's daily settlement of $79.98 per barrel is $3.70/b more than the week before. Despite an uptick, the price of crude remains 15% below the price three weeks ago, when gas prices began their 3-week descent.

COVID-19 lockdowns in China have kept strong downward pressure on oil prices, amid concerns that the lockdowns would reduce global fuel demand. 

Regional Prices
Most expensive metro markets - West Palm Beach-Boca Raton ($3.50), Gainesville ($3.45), Naples ($3.41)
Least expensive metro markets - Pensacola ($3.01), Crestview-Fort Walton Beach ($3.02), Panama City ($3.02)

Florida Gas Price Overview
Monday's Avg. Price - $3.27 per gallon
Cost for a Full Tank - About $49 (15 gallons)
2022 High - $4.89 per gallon (6/13/22)
2021 High - $3.36 per gallon (Nov. 2021)
All-Time Record High - $4.89 per gallon (6/13/22) 

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