ORLANDO, Florida – Florida gas prices are moving lower again as millions of Americans prepare to travel for Memorial Day weekend, according to AAA.
According to AAA‘s holiday travel forecast, a record-breaking 2.6 million Floridians will travel 50 miles or more. Of those, 2.3 million will take a road trip.
“With so many drivers fueling up, gas prices may fluctuate in the coming days,” said Mark Jenkins, spokesman for AAA – The Auto Club Group.
“However, even at their peak, prices should remain well below last year’s holiday rates.”
Last week, Florida gas prices shot up 20 cents per gallon, going from $2.92 per gallon to $3.12/g. From there, the state averaged declined 7 cents per gallon through the weekend.
On Sunday, Florida gas prices averaged $3.05 per gallon. That’s 46 cents less than the state average on Memorial Day 2024 ($3.51/g).
Last year, the oil market was considered “balanced,” with U.S. crude prices averaging around $78 per barrel. This year, prices have dropped to approximately $62 per barrel amid concerns that global fuel supplies may soon exceed demand. OPEC+ has announced plans to increase production later this year, adding to market uncertainty as analysts worry about a potential global economic slowdown and declining fuel consumption.
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