Florida’s gasoline prices slid downward again in the past week to $4.12 per gallon, but rising global oil prices may put a stop to that, AAA — The Auto Club Group reported Monday morning.
Prices, which peaked at $4.38 a gallon a little more than two weeks ago, have steadily readjusted since, down another five cents in the past week.
Still, the average price of a gallon of gasoline still is above the pre-2022 record from 2008. The current price is 93 cents more per gallon than the lowest price this year.
Meanwhile, global oil prices have gotten worse in recent days. And a downward adjustment seen in world oil prices two weeks ago may have fully played out by now at the gas pumps.
“Global fuel supply concerns continue driving extreme volatility in the fuel market, leading to big swings in the price of oil,” said Mark Jenkins, spokesman, AAA — The Auto Club Group, in a news release issued Monday. “After seeing strong drops two weeks ago, oil rebounded last week to a level that should cause falling gas prices to level off.”
On Friday, the U.S. price of oil settled at $113.90 per barrel, according to AAA. That’s $9.20 per barrel more than the week before. Despite the increase, oil remains almost $10 per barrel less than the 2022 high of $123.70 per barrel. That high mark was reached nearly three weeks ago.
The $10 per barrel discount translates to a 25-cent drop at the pump — which already happened in the past two weeks, AAA pointed out.
A year ago, Florida gasoline averaged $2.88 per gallon.
The average gas price nationally Monday was $4.25 per gallon.
In Florida, the best rates were found in Orlando at $4.03; Punta Gorda, Melbourne-Titusville and Pensacola at $4.04; Jacksonville and Tampa at $4.08; and St. Petersburg and Tallahassee at $4.08.
The highest prices in Florida were found in the West Palm Beach-Boca Raton Market at $4.29; Fort Lauderdale and Miami at $4.23; Naples at $4.16; Panama City at $4.13; and Sarasota and Gainesville at $4.12.