Florida gas prices are showing signs of weakness for the first time this year. The state average declined 2 cents last week as domestic gasoline supplies strengthen and global fuel demand-concerns creep back into the fuel market. That downward trend could continue, especially if the Suez Canal is cleared soon.
Crude oil prices - the primary driver of prices at the pump - pinballed up and down last week. U.S. oil prices (WTI) dropped 6% on Tuesday, because sellers are worried that rising cases of COVID-19 - in parts of Europe - would lead to lockdowns, thus slowing the recovery in global fuel demand. Additionally, updated figures from the EIA show that refineries along the Gulf of Mexico are bouncing back from the mid-February power outages that crimped gasoline supply.
Last week's oil price decline was enough to potentially send gas prices back below $2.70 per gallon. Unfortunately, those hopes were dashed (for now) when a massive cargo ship ran aground in the Suez Canal, blocking the major artery for fuel shipments. For now, the interruption has not caused crude prices to skyrocket. Domestic crude oil settled the week where it started, at around $61 per barrel.
"The blockage in the Suez Canal appears to be the only thing keeping upward pressure on prices at the moment," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Wholesale gasoline prices are still down 20 cents from two weeks ago. So drivers could see gas prices slip even lower, unless the blockage at the canal raises supply concerns and the price of oil."
The average price of gasoline in Florida is $2.88 per gallon. That's the lowest price in 10 days. Florida's state average is down 2 cents from a week ago.
Florida drivers are now paying 89 cents per gallon more than this time last year. That comparison is especially deceptive. This time last year, the state average fell unseasonably low, as the pandemic took hold in the United States. At this time two years ago, the state average was $2.76 per gallon.
The seasonal trends for gas prices are to rise in the spring, fluctuate in the summer, then decline in the fall.
|Lowest Gas Prices in Apopka|
Most expensive metro markets – West Palm Beach-Boca Raton ($3.00), Miami ($2.92), Fort Lauderdale ($2.91)
Least expensive metro markets – Punta Gorda ($2.79), Jacksonville ($2.83), Crestview-Fort Walton Beach ($2.84)
Find Florida Gas Prices
Daily gas price averages can be found at Gasprices.aaa.com
State and metro averages can be found here
|AAA GAS PRICE AVERAGES
(Price per gallon of regular unleaded gasoline)
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||Record High|
|Click here to view current gasoline price averages|
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.