Gas prices begin dipping after midweek price spike

Gas prices shot up over the past week, but they appear on the decline again, according to AAA — The Auto Club Group.

The average gallon of gas in Florida is now at $3.14. That’s 13 cents per gallon more than last week’s price, but it’s a 3-cent drop from Thursday’s $3.17 average following a price surge.

“Florida gas prices seem to be moving down again almost as quickly as they shot up,” said Mark Jenkins, spokesman for AAA. “There isn’t any clear explanation for last week’s sudden increase, as oil and gasoline futures logged their sixth consecutive weekly loss. Regardless, drivers in many cities are beginning to find gas prices close to the same levels where they were last week.”

Patrick De Haan, head of petroleum analysis at GasBuddy.com, said U.S. gas inventories are increasing and domestic crude oil inventory is about 4% greater than last year.

Prices last month made Thanksgiving travel the cheapest in three years. And prices had sunk even lower ($3.01 average gallon) by the following Monday — a new low for 2023.

But increasing per-barrel prices for oil had some speculating it was the end of the road for cheap gas. The cost of oil was creeping closer to $80 a barrel on Thursday, but now the price is dropping despite the oil-producing countries (OPEC+) reduced production agreement that runs through 2024. Reports Monday have the price at about $74 per barrel.

As of Monday morning, the most expensive metro market for motorists to gas up in Florida was again the West Palm Beach-Boca Raton area, where drivers were shelling out $3.32 cents per gallon, followed by Hendry County ($3.26) and Naples ($3.20).

The best deals on fuel can be found in Panama City ($2.90), Crestview-Fort Walton Beach ($2.92) and Pensacola ($2.97).