Florida gas prices moved lower over the weekend after crude oil prices declined following a reported agreement between the United States and Iran to reopen the Strait of Hormuz, according to AAA.
The state average stood at $3.83 per gallon Sunday, down 12 cents from earlier in the week after prices had risen 17 cents. The average remained 3 cents higher than a week ago, 56 cents lower than a month ago and 88 cents higher than the same time last year.
AAA spokesman Mark Jenkins said crude prices fell overnight after the agreement was announced, calling it an encouraging sign for drivers because lower oil prices typically lead to lower gasoline prices. He cautioned, however, that the situation remains uncertain and that it is unclear how quickly or sharply pump prices may decline.
“Crude prices dropped overnight after the United States and Iran announced an agreement to reopen the Strait of Hormuz,” he said. “This is an encouraging sign for drivers, as lower oil prices typically lead to lower prices at the pump. However, this remains a fluid situation, and it’s unclear how quickly or how much gas prices may fall.”
Crude oil traded near $80 per barrel Sunday night, down about 5 percent from Friday’s closing price of $84.88.
Oil prices had risen sharply since the U.S.-Iran conflict began, climbing from about $67 per barrel to a high of $112.95 in early April. During that period, Florida’s average gas price increased from $2.91 to $4.52 per gallon.
The most expensive Florida markets Sunday were West Palm Beach-Boca Raton, Naples and Fort Lauderdale. The least expensive were Pensacola, Crestview-Fort Walton Beach and Panama City.
