Gas prices dip 6 cents from last week

Gas prices in the Sunshine State are declining once again, dropping an average of 6 cents per gallon after reaching their highest peak since mid-May last week.

Sunday’s state average was $3.41 per gallon, according to AAA — The Auto Club Group. Pump prices had been expected to surge due to another round of oil production cuts by Saudi Arabia and its OPEC partners, but uncertainty about China’s post-COVID-19 continued growth has oil prices dropping, according to reports Monday morning.

Oil prices sit at around $71 per barrel, losing about 50-60 cents per barrel from last week’s average. That price is about $14 less than this year’s high.

The drop at the pump is similar to one earlier in the month. After that drop, OPEC made the announcement production was being cut by more than a million barrels a day and prices popped by more than $4 per barrel, to $76.57 

Mark Jenkins, spokesperson for AAA, sees the trend continuing.

“Summertime fuel demand is off to a strong start, which will likely contribute to continued volatility in prices at the pump through the next several months,” he said in a statement.

The state average squeeze at the pump is expected to remain lower than this year’s high of $3.72 per gallon.

The most expensive metro market in Florida was, once again, the West Palm Beach-Boca Raton area, where drivers paid $3.59 per gallon on average. Naples ($3.50 per gallon) and Homosassa Springs ($3.47 per gallon) were next-priciest.

Florida areas with the most affordable gas included Crestview-Fort Walton Beach ($3.17 per gallon), Panama City ($3.24 per gallon) and Pensacola ($3.26 per gallon).

Florida is paying less than the national average per gallon in terms of gas prices. Only 18 other states are paying less per gallon.

Mississippi is the only state with gas cheaper than $3. Meanwhile, nine states — Alaska, Arizona, California, Hawaii, Illinois, Nevada, Oregon, Utah and Washington — have pump prices between $4.02 and $4.89.