Florida gas prices dip slightly after recent high

by | Feb 26, 2024

Florida’s gas prices slightly decreased to $3.31 per gallon after reaching a yearly high of $3.37, amid fluctuating oil prices and seasonal refinery maintenance.

Florida’s gas prices have seen a slight decrease after hitting a new high for 2024.

The average gas price in Florida was recorded at $3.31 per gallon to begin the week, a small rise of one cent compared to the previous one. This follows a volatile period where prices initially surged by 21 cents, dropped by 5 cents, then increased again by 8 cents, reaching a yearly high of $3.37 per gallon before decreasing by 5 cents.

“The recent increases are attributed to rising oil prices, as refineries conduct seasonal maintenance,” said Mark Jenkins, spokesman of AAA. “Florida’s gas prices are likely to face continued upward pressure through the next month as the presence of winter residents and spring breakers contributes to strong fuel demand.”

U.S. crude oil prices also fell last week, closing at $76.49 per barrel, down 3 percent from the week before. This is a drop from last year’s high of $93.68 per barrel.

Moreover, according to new data from the Energy Information Administration (EIA), gas demand mostly remained flat at 8.2 million b/d last week. Total domestic gasoline stocks declined slightly by 300,000 bbl to 247 million bbl. Flat demand, amid falling supply, has helped to stabilize the national average this week.

Among surveyed metropolitan markets, West Palm Beach-Boca Raton reported the highest average gas price at $3.50 per gallon while Naples and Gainesville recorded average prices of $3.41 and $3.38 per gallon, respectively.

Meanwhile, Pensacola, Panama City, and Crestview-Fort Walton Beach all boast the cheapest fuel prices at $3.07 per gallon.

The national average for a gallon of gas had a remained at $3.27 this week. The is 20 cents more than a month ago but 12 cents less than a year ago.


%d bloggers like this: