Florida gas prices are dipping again after surging early last week, according to a new report from AAA.
The auto group found in their weekly report today that the average price for gasoline in the Sunshine State is down to $4.17 per gallon — sitting five cents higher than it was this time last week, and 55 centers more than last month. The price at the pump is declining after seeing a 13-cent spike last week, which pushed the state average to $4.24 for a gallon of gasoline.
The decline is also being seen across the U.S. as the average price slipped to $4.19 on Sunday after hitting a high of $4.33 on March 11.
AAA noted that the trend is expected to continue after President Joe Biden announced plans for the release of more oil reserves.
“Gas prices are drifting lower now that oil prices are declining again,” Mark Jenkins, spokesman for AAA — The Auto Club Group, said in a press release. “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 an effort to ease global supply concerns. The downward pressure was compounded by news that other countries are considering similar action. 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 lower than the week before. It’s also $24.43 less than this year’s high of $123.70 per barrel.
Motorists looking to travel around the state will find the highest price per gallon across parts of South Florida. West Palm Beach-Boca Raton ($4.34), Fort Lauderdale ($4.24), and Miami ($4.22) posted the highest gas prices in the state. The lowest prices were reported in Pensacola ($3.98), Panama City ($4.04), and Tallahassee ($4.06).
A full breakdown of gas prices across the state can be seen here.