Florida gas prices declined 6 cents per gallon during the past week. On Monday, the state average was $3.26 per gallon. That's 2 cents higher than the lowest price so far this year.
Fuel prices have ping-ponged in the first two weeks of 2023. The year began at $3.24 per gallon, which is currently this year's low. The state average then jumped to $3.31 on the 5th before eventually setting back to $3.26/g during the weekend.
Oil prices remain the big contributor to fluctuating prices at the pump. The U.S. price of oil dropped 15% in the first week of 2023 - which put downward pressure on pump prices. Unfortunately for drivers, those losses were cut in half last week when oil rebounded by 8%.
"Pump prices may not go much lower this week, thanks to a rebound in oil prices," said Mark Jenkins, Public Relations Manager for AAA - The Auto Club Group. "Crude prices strengthened last week on various news reports, causing investors to grow optimistic about global fuel demand. First, reports that China is easing COVID-19 restrictions. There's also hope that the Federal Reserve could slow interest rate hikes, following reports that inflation eased in December."
The U.S. price for oil settled at $79.86 per barrel on Friday. That's $6.09 per barrel (8%) more than the week before and is the highest daily settlement this year.
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AAA GAS PRICE AVERAGES
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Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
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