Gas prices in Florida have declined for 18 consecutive days to their lowest point since February, according to AAA — The Auto Club Group.
The state average Monday morning was $3.28 per gallon. That's 27 cents cheaper than when prices began to fall last month and the lowest daily average price since Feb. 28.
Sunshine State pump prices are now 17 cents lower than a week ago, 24 cents lower a month ago and 11 cents lower than this time last year. And that's noteworthy; gas is typically more expensive in the Summer.
"Floridians and summer visitors will be pleasantly surprised when they go to fill up the gas tank this week," AAA spokesperson Mark Jenkins said in a statement. "Gas prices are the lowest in several months because of weakness in the oil and gasoline futures."
Oil prices ranged from $80 to $85 per barrel for most of March and April, but in the past three weeks, crude oil prices dipped 6%, bringing Friday's closing oil price to $75.53 per barrel — an almost $5-per-barrel drop from three weeks prior.
Oil analysts at OPIS blamed instability in the petroleum markets to a stronger dollar and better-than-expected employment data, which raised concerns that the Federal Reserve might delay an interest rate cut. Doing so, pivotal market members believed, would stall fuel demand growth.
Analysts also attributed oil price losses to a recent agreement between OPEC and its allies to gradually relax some voluntary production cuts later in 2024, a move that could strengthen the global fuel supply.
The most expensive metro market in Florida for fuel is the West Palm Beach-Boca Raton area, where motorists are paying $3.50 per gallon on average to fill their tanks, followed by Naples ($3.42) and Miami ($3.38).
The cheapest gas, meanwhile, is in the Crestview-Fort Walton Beach area, where drivers and motorcyclists are shelling out $3.08 per gallon, followed by Panama City ($3.09) and Pensacola ($3.12).
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