Florida gas prices hit lowest cost point since April

by | Jun 5, 2023

  • Gas prices in Florida have decreased by five cents per gallon, reaching a statewide average of $3.35, the lowest since late April.
  • The price of oil in the US is trading at $72 per barrel, which is around a dollar higher than the previous week’s closing price and within the range observed in the past month.
  • Gas prices in Florida vary across the state, with South Florida having the highest prices and North Florida offering the cheapest fuel.
  • Fuel-tracking platform GasBuddy predicts that prices may peak in 2023 during the summer season but will likely drop after Labor Day.

Average gas prices in Florida declined five cents in the past week, with the statewide average cost per gallon sinking to $3.35, marking the lowest daily average price since late April.

Overnight, the U.S. price of oil traded at above $72 per barrel, which the AmericanAutomotive Association reports is approximately a dollar more than last Friday’s closing price, and within the same range that oil prices have been in during the past month.

The figure represents a departure from bleaker cost models seen in March when the price of a barrel reached its highest cost-per-barrel point in upwards of two weeks at $79.68. Moreover, AAA reported that gas futures — a contract obligating the buyer to purchase a specific quantity of natural gas at a future date and price — rose forty cents per gallon.

“Pump prices have been under pressure during the past month, due to falling oil prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “However, oil prices could strengthen this week. Over the weekend, OPEC agreed on another round of oil production cuts. It’s unclear how much of an effect this will have on fuel prices, but if oil prices rise significantly, drivers would likely see higher prices at the pump.”

Florida’s most expensive gas prices reside in South Florida, with West Palm Beach serving as the costliest area in the state at $3.60 a gallon. Miami and Naples roadsters are also feeling the impact at the pump with average costs per gallon of $3.48. On the opposite end of the state, North Florida offers the state’s cheapest fuel with Crestview-Fort Walton Beach ($3.20), Panama City ($3.29), and Pensacola ($3.30).

GasBuddy, a fuel-tracking website, estimated that gas prices would peak in 2023 at an average of $4.25 to $4.65 per gallon in Miami, $4.15 to $4.55 in Orlando, and $4.10 to $4.45 in Tampa. The business claims that barring unforeseen events, the summer season would likely see the highest prices, which would then be followed by seasonal swings and a drop in prices following Labor Day.

As per GasBuddy, prices might fluctuate seasonally due to refinery maintenance in the spring and autumn as well as the Clean Air Act, which has been gradually removing certain pollutants from fuels.


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