Florida gas prices continue downward trend, but remain high

by | Oct 4, 2021

 

Florida gas prices continue to drop, declining another 2 cents last week, according to AAA — The Auto Club Group.

The Sunshine State posted an average of $3.05 per gallon, 5 cents lower than a 2021 high of $3.10 per gallon. Nationally, the average price at the pump sits at $3.20, according to AAA’s weekly report.

In a press release on Monday, AAA noted that higher gas prices remain as a shortfall in global energy supplies spillover into crude markets.

“After weeks of declines, gas prices face renewed upward pressure after the price of crude oil rose 3% last week,” AAA spokesman Mark Jenkins said in a news release. “Crude prices have remained elevated this year, because unlike the years before the pandemic – where supplies far outpaced demand – the global fuel market has tightened. Many countries reduced fuel production, due to the pandemic, and are now struggling to keep pace with returning demand.”

Additionally, the price for a barrel of US crude finished at $75.88 per barrel Friday on the NYMEX — $2 more than the week before, and the most expensive daily settlement since October 2018.

The new report comes as a Monday OPEC+ meeting ended with news that the group will leave oil production plans unchanged — holding firm on a 400,000 barrels per day (bpd) production hike. Previously, the market forecasted that OPEC+ would add more production back in the quote for next month.

Motorists looking to travel around the state will find the highest price per gallon across parts of South Florida. West Palm Beach-Boca Raton ($3.23), Fort Lauderdale ($3.10), and Naples ($3.10) posted the highest gas prices in the state. The lowest prices were reported in Punta Gorda ($2.97), The Villages ($3.00), Jacksonville ($3.00), and Tampa-St. Petersburg-Clearwater ($3.00).

A full breakdown of gas prices across the state can be seen here.

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