Florida gas prices head lower for third straight week
MIAMI - For a third consecutive week, Florida gas prices have dipped, falling a total of 28 cents per gallon since late January.
On Sunday, Florida gas prices averaged $3.31 per gallon. That's the lowest daily average price since mid-January. It's a nickel more than this year's low of $3.24 per gallon, and well below the 2023 high of $3.58.
On Monday, the average was $3.43 in Miami-Dade and $3.41 in Broward
The fuel market is on a downward trend due to a combination of rising global oil supplies and renewed concerns that the U.S. Federal Reserve will pass another interest rate hike in effort to curb inflation
"This has already been a volatile year for prices at the pump, and that's likely to continue in the coming months. Gas prices normally increase in the spring as Americans take road trips, which drives up fuel demand. At the same time, refineries conduct springtime maintenance and begin making summer gasoline, which is more expensive to produce," said AAA spokesman Mark Jenkins.
Oil and gasoline futures prices dropped last week. The price for U.S. oil declined 4%, settling at $76.34 per barrel. That's the lowest daily settlement in two weeks. Meanwhile, gasoline futures also hit a 2-week low after dropping 10 cents per gallon.
Gas prices should decline again this week.
Regional Prices
Most expensive metro markets - West Palm Beach-Boca Raton ($3.57), Naples ($3.47), Miami ($3.43)
Least expensive metro markets - Panama City ($3.15), Crestview-Fort Walton Beach ($3.16), Orlando ($3.20)
Florida Gas Price Overview
Monday's Avg. Price - $3.30 per gallon
Cost for a Full Tank - About $49 (15 gallons)
2023 High - $3.58 per gallon (1/26/2023)
2022 High - $4.89 per gallon (6/13/22)
All-Time Record High - $4.89 per gallon (6/13/22)
