Florida’s gas prices have slightly decreased to an average of $3.43 per gallon after reaching a new high for 2024 last week.

After hitting a new high for 2024 last week, Florida’s gas prices have slightly decreased, with the average price at the pump falling from $3.46 to $3.43 per gallon.

“Strong gasoline demand and the switch to summer fuel contributed to last week’s jump at the pump,” said Mark Jenkins, spokesman for AAA. “Severe weather and power outages at major refinery plants across the US were also reportedly to blame. However, gasoline and oil futures moved lower late last week, reportedly due to uncertainty about whether the Federal Reserve would cut interest rates later this year. This could temporarily cause the gas price hike to stall.”

Moreover, with a 2 percent decline in crude oil futures and a 9-cent drop in gasoline futures last week, there’s a hint that pressures on gas prices could be easing, at least temporarily. The current prices for Brent and WTI crude oil stand at $83.07 and $78.32 per barrel, respectively.

Among surveyed metropolitan markets, West Palm Beach-Boca Raton reported the highest average gas price at $3.60 per gallon while Naples and Fort Lauderdale recorded average prices of $3.51 and $3.49 per gallon.

Meanwhile, Panama City ($3.14), Crestview-Fort Walton Beach ($3.16), Pensacola ($3.21) all boast the cheapest fuel prices.

The national average for a gallon of gas sits at $3.39 this week.