Florida gas prices continue to dip, hit two-month low

by | Jul 18, 2022

 

  • Florida gas prices dropped 15 cents last week, continuing a 5-week decline at the pump
  • The average price at the pump in Florida sits at $4.25 per gallon
  • The national average is $4.52 per gallon

Florida motorists are seeing more relief at the pump with gas prices continuing a downward trend, reaching the lowest price in two months, according to a new report from AAA.

The auto group found in its weekly report on Monday that the price at the pump dropped another 15 cents last week, with the average cost for gasoline in Florida sitting at $4.25 per gallon. The drop marks the lowest price the Sunshine State has seen since May, with gas prices falling 62 cents in 5 weeks.

Prior to the 5-week decline at the pump, Florida gas prices reached $4.49 on May 16, marking a new high at the time. In mid-June, gas prices peaked at $4.89.

The national average sits at $4.52 per gallon, according to AAA.

“For the first time in a couple of months, drivers in some Florida cities are beginning to find pump prices below $4 a gallon,” said AAA spokesman Mark Jenkins in a news release. “Oil prices suffered significant drops last week, clearing the way for additional discounts at the pump.

Last week, U.S. oil prices dropped nearly $10 a barrel before recovering by the end of the week. Friday’s closing price of $97.59 per barrel is $7.20 per barrel (7%) less than the week before.

Despite the good news, Jenkins cautioned that the volatile fuel market could see an upward trend at any moment.

“Drivers are likely relieved to get a break from record-high prices, and prices could get even cheaper this week. However, it’s important to remember that the market remains extremely volatile, and prices have the potential to bounce back,” Jenkins added. “That particularly applies to hurricane season. If a major storm makes landfall along the gulf coast, impacting operations at refineries in Texas, Louisiana, or Mississippi, prices could spike, due to concerns about fuel supplies.”

Drivers looking to travel around the state will find the most expensive gas prices in metro markets across South Florida. West Palm Beach-Boca Raton ($4.52), Naples ($4.51), and Fort Lauderdale ($4.38) posted the highest gas prices in the state. The lowest prices were reported in Sebring ($4.08), Crestview-Fort Walton Beach ($4.08), and Melbourne-Titusville ($4.08).

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

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