Gas prices remain high, but trickle down as crude oil prices drop

The average price of a gallon of gasoline dropped one-cent in the last week, marking the second week in a row the cost inched downward, and reflecting a continuing international decline in the price of crude oil.

Still, Florida drivers were paying an average of $3.27 per gallon going into Monday, extending a period of costly gas not seen in many years, according to AAA — The Auto Club Group.

Thanksgiving gas prices should remain well above year-ago levels, as 2.6 million Floridians prepare to take a road trip for the holiday weekend, according to AAA’s Thanksgiving travel forecast.

In October, global crude oil prices surged 12%, and that pushed the price of gasoline up 27 cents per gallon on average. The peak seen just a little over two weeks ago of $3.32 per gallon was the high mark since 2014, more than a dollar higher than 2020 prices.

So far this month, crude has mostly struggled to maintain strength, logging three consecutive weekly declines, AAA noted. Friday’s settlement of $80.79 per barrel was down 4% from three weeks ago, thus lowering the cost of producing gasoline.

The state average has declined a total of 4 cents per gallon since the beginning of November, AAA reported.

“Drivers are likely thankful for the reprieve from rising gas prices this month,” AAA spokesman Mark Jenkins said. “Pump prices have gradually declined this month, and that downward trend should continue this week, unless oil prices rebound.”

A month ago, Florida’s average price was $3.18 per gallon. A year ago, it was $2.00.

Nationally, the average price of a gallon of gas was $3.41, according to AAA.

Florida’s cheapest gas again was found in Punta Gorda, where fuel was averaging $3.18 per gallon, according to AAA. In Orlando and Melbourne-Titusville, the price averaged $3.21; Tampa-St. Petersburg and Jacksonville, $3.22; Fort Myers, $3.23; Sarasota, $3.24; and Daytona Beach, $3.25.

Florida drivers were paying the most in West Palm Beach-Boca Raton, with prices averaging $3.44 per gallon. That was followed by Fort Lauderdale at $3.33; Sebastian-Vero Beach, $3.32; Miami, Naples, and Panama City, $3.30; Gainesville, $3.29; and Pensacola, $3.28.