Gas prices dropped 7 cents per gallon in Florida last week, bringing the state average to $3.50 per gallon, AAA reported Monday.
According to AAA, that’s 8 cents below the 2023 high and only 3 cents more than this time last year.
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- 2023 High - $3.58 per gallon
- Current price - $3.50 per gallon
- 2023 Low - $3.24 per gallon
“Pump prices are moving lower again after a sharp drop in the oil and gasoline futures markets,” said Mark Jenkins, spokesman, AAA - The Auto Club Group. “Oil prices are 10% lower than two weeks ago. Meanwhile, wholesale gasoline prices have fallen almost 40 cents. Unless the market suddenly rebounds, drivers could see gas prices drop another 5-15 cents this week.”
According to AAA, the drop is due to a combination of domestic and global factors.
“On Friday, the European Union agreed to impose a $100/b price cap on Russian oil,” a news release from AAA stated. “Additionally, there’s speculation that the strong January jobs report could cause the Federal Reserve to pass additional interest rate hikes, which could potentially lower fuel demand.”
The most expensive metro markets are currently West Palm Beach-Boca Raton ($3.70), Naples ($3.59), and Fort Lauderdale ($3.57).
The least expensive metro markets are Crestview-Fort Walton Beach ($3.25), Panama City ($3.26), and Pensacola ($3.33).