Gas prices in Florida are declining again after an unexpected rise last week, settling at about $3.18 per gallon on Monday, according to AAA — The Auto Club Group.
One week before, the state registered a new per-gallon 2023 low of $3.16 before shooting up 8 cents through Wednesday.
That upward trend made a U-turn after, declining at a rate of roughly 2 cents daily.
The price increase "didn't make much sense" considering drops in oil and gasoline futures over the past few weeks, AAA spokesperson Mark Jenkins said in a statement.
"Either way, the jump at the pump was short lived and those gains were mostly erased by the weekend," he said. "Oil prices are now at multi-month lows, which should keep gas prices low through the holidays."
The price of crude oil is in its third week of decline, sinking 13% ($11) since late October. Oil prices continue to impact pump prices directly since the product is a key gasoline ingredient.
In late September, oil traded at more than $90 per barrel. Friday's closing price was $77.17, which was $5 cheaper than the week before.
The most expensive metropolitan markets for gas in Florida remain the same as last week. It's priciest in the West Palm Beach-Boca Raton area, where motorists are shelling out $3.37 per gallon on average. Naples ($3.27) and Tallahassee ($3.24) are second and third priciest, respectively.
The cheapest fuel in the Sunshine State can be found in the Crestview-Fort Walton Beach area, where drivers and motorcyclists are paying $2.94 on average, followed by Pensacola (2.97) and Panama City ($3.02).
The national gas price average sat at $3.37 on Monday, a 4-cent drop over the week before.
States in the West and Northeast are bearing the higher costs, with California motorists paying the most per gallon ($5.07), followed by Hawaii ($4.73) and Washington ($4.51).
"We still need to cast a wary eye on global events, which may roil the oil market and spike prices," AAA spokesperson Andrew Gross said in a statement. "But domestic gas prices are amid their usual seasonal swoon."
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