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Florida gas prices dip to lowest prices since April

Florida gas prices at lowest level since April
Florida gas prices at lowest level since April 00:16

MIAMI - Florida drivers saw gas prices dip more by a nickel last week.

According to AAA, the state average was $3.36 a gallon on Monday, a drop of 36 cents since setting a new 2023 high of $3.72 per gallon on April 21st.

In Miami-Dade, the average price was $3.44 a gallon, in Broward it was $3.42.

"Pump prices have been under pressure during the past month, due to falling oil prices," said AAA spokesman Mark Jenkins. "However, oil prices could strengthen this week. Over the weekend, OPEC agreed on another round of oil production cuts. It's unclear how much of an effect this will have on fuel prices, but if oil prices rise significantly, drivers would likely see higher prices at the pump."

This is the latest in several rounds of production cuts. Last year, OPEC agreed to cut oil production by 2 million barrels per day. In April, the cartel surprised the market by cutting an additional 1.16 million barrels per day. This caused a brief jump in oil prices, which cooled through May. OPEC hopes this additional 1 million barrels per day cut will send oil prices higher again.

Overnight, the U.S. price of oil traded at above $72 per barrel. That's only about a dollar more than Friday's closing price, and within the same range that oil prices have been in during the past month.

The most expensive markets for gas are West Palm Beach, Naples, and Miami. The cheapest places are in the panhandle, including Pensacola and Panama City.

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