After hitting a two-month average high of $2.16 per gallon across the state, prices at the pump simmered down in the past week, falling slightly, according to AAA Florida Auto Club data released Monday.
Gas prices dipped about 2 cents from last week in the latest price analysis. Prices at the pump jumped about 13 cents the previous week due to optimism about the vaccine for coronavirus. But excitement in the markets has calmed since the initial announcements about the vaccine some two weeks ago.
The additional vaccine roll out and additional companies expected to also provide a vaccine could generate an upward swing in costs for fuel in the coming weeks.
“It was a relatively uneventful week in the fuel market. Oil prices held relatively steady, but that could change this week,” said Mark Jenkins, AAA Florida spokesperson. “The FDA’s approval of Pfizer’s Covid vaccine could help promote higher oil prices, due to its potential of helping fuel demand eventually rebound in 2021.
“However, the optimism would have to overpower current conditions. The rising cases of coronavirus has caused lockdowns in various cities, and the lowest gasoline demand figures since the spring,” Jenkins said.
Fears about the pandemic caused a sharp drop in gas prices shortly after the outbreak set in in March. Some prices began to rebound in late summer, but a resurgence in the pandemic caused prices at the pump to stall.
The average price for a gallon of gas in Florida now stands at $2.14. That’s about 14 cents more than a month ago but still 34 cents less than a year ago.
The most expensive gas in Florida could be found in West Palm Beach at $2.26 per gallon on average. Ocala and Vero Beach tied for the second most expensive gas in the state at $2.17.
The cheapest gas was being sold in Punta Gorda at $2.01. Tallahassee and Jacksonville were tied for second cheapest fuel costs in Florida at $2.08 per gallon.
Florida fell below the national average price for gasoline, which was $2.16 per gallon the past week. In the two previous weeks with the spikes in fuel costs, Florida had nearly drawn even with the national cost.