Florida gas prices dipped slightly on Monday after shattering records last week.
AAA found in their weekly report today that the average price for gasoline in the Sunshine State sat at $4.32 per gallon. The price at the pump is only a few cents lowers than Friday’s all-time high of $4.38, and a dollar more expensive than Floridians were paying at the start of the year.
Over the past two weeks, the price tag at the pump rose 90 cents per gallon. The jump was largely driven by global supply chain uncertainties and tight sanctions on Russian oil companies, according to AAA.
The surge in fuel prices was driven by global supply concerns, as sanctions and regulations against Russia has limited the world’s 3rd-largest oil producer from moving its oil in the market,” said AAA spokesman Mark Jenkins. “After seven consecutive trading days, that upward momentum finally came to a halt last week. Prices moved lower on reports that the U.S. and other countries were examining ways to increase global fuel supplies. Regardless of this, fuel prices remain extremely volatile right now, so it’s hard to know what drivers should expect next month, let alone next week.”
AAA also noted that the price of oil dropped significantly last Wednesday, eventually settling over the weekend at 5% less than the week prior.
Motorists looking to travel around the state will find the highest price per gallon across parts of South Florida. West Palm Beach-Boca Raton ($$4.46), Fort Lauderdale ($$4.40), and Ocala ($4.38) posted the highest gas prices in the state. The lowest prices were reported in Panama City ($4.20), Crestview-Fort Walton Beach ($4.20), and Pensacola ($4.24).
A full breakdown of gas prices across the state can be seen here.