Florida gas prices dip, but fuel market remains “extremely unstable”

by | Jun 20, 2022

Florida motorists are finally seeing some relief at the pump with gas prices dipping seven cents last week, according to a new report from AAA.

The auto group found in its weekly report on Monday that the average price for gasoline in the Sunshine State is down to $4.82 per gallon. The price at the pump experienced a decline after soaring to a record high of $4.89 last week. Florida gas prices are still 32 cents higher than one month ago.

“Florida drivers are finally catching a break after several weeks of rising gas prices,” said AAA spokesman Mark Jenkins.

The decline is also being felt across the U.S. as the national average for a gallon of gas slipped back under $5.

The price drop comes as the U.S. price of oil fell nine percent last week. Friday’s settlement of $109.56 per barrel is $11.11/b less than the week before. Gasoline futures lost 38 cents on the week, for a combined 2-week loss of 46 cents, AAA added.

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

“If this downward trend holds, gas price drops could accelerate, moving the state average back around $4.50 per gallon,” said Jenkins. “But this fuel market remains extremely unstable, and things can change very quickly. It’s looking less likely that the state average will surpass $5 a gallon, but the driving season is young.”

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 ($4.97), Fort Lauderdale ($4.87), and Miami (4.86) posted some of the highest gas prices in the state. The lowest prices were reported in Crestview-Fort Walton ($4.63), Pensacola ($4.65), and Panama City ($4.69).

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


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