ORLANDO, Florida – Florida gas prices rose to 2024 highs after the state average reached $3.64 per gallon on Friday. That tied the 2024 high, which was set in mid-April, according to AAA.
The state average has since declined 3 cents per gallon. Sunday’s state average was $3.61 per gallon. That’s only 3 cents more than what Florida drivers paid this time last year. It’s also well below the 2023 ($3.85) and 2022 highs ($4.89).
“Drivers will likely be happy to hear that they may soon get a break from rising prices at the pump,” said Mark Jenkins, Public Relations Manager for AAA – The Auto Club Group.
The price of oil took a step back last week, enabling gasoline futures to drop 20 cents per gallon.”
After spending the better part of the past two months above $80 per barrel, the U.S. price of oil dropped below $80/b on Wednesday, and settled at $78.11/b on Friday. That was a 7% drop from the week before.
About half the price of gasoline is influenced by oil prices. The $5.74/b weekly decline is equivalent to a 10-15 cent swing in gasoline prices.
“Unless those prices suddenly rebound this week, drivers should see gas prices steadily move lower this week,” Jenkins said.
Oil analysts attribute the price drop to a surprise increase in U.S. commercial oil inventories, and signs that geopolitical tensions in the Middle East could be weakening.
West Palm Beach-Boca Raton ($3.77)
Naples ($3.70)
Homosassa Springs ($3.68)
Crestview-Fort Walton Beach ($3.35)
Pensacola ($3.37)
Panama City ($3.38)
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