Miami, Florida – After jumping 13 cents early last week, the average price of gas in Florida is declining again ever so slightly.
Last Tuesday, the state average briefly reached $4.24 per gallon. However, Florida gas prices have since declined a total of 7 cents in the past five days, and that downward trend is likely to continue this week unless oil prices rebound.
The average price of a gallon of unleaded gasoline in Florida was $4.17 on Tuesday, up a nickel from a week earlier and 50 cents higher than a month ago, according to the AAA Auto Club.
It’s also $1.32 per gallon more than this time last year. The state average is also 68 cents more than what drivers paid before Russia invaded Ukraine.
“Gas prices are drifting lower now that oil prices are declining again,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The price of oil dropped last week after President Biden announced plans to release 1 million barrels per day from the U.S. Strategic Petroleum Reserve, in effort to ease global supply concerns. The downward pressure was compounded by news that other countries are considering similar actions. The oil price drop could enable gas prices to fall back below $4 a gallon in the next couple of weeks. That is unless something causes oil prices to rebound this week.”
The U.S. price of oil dropped 13% last week. Friday’s settlement of $99.27 per barrel was $14.63/b less than the week before. It’s also $24.43 per barrel less than this year’s high of $123.70/b.