Florida gas prices jump 6 cents as oil prices hit 2-month low

Image via Paul Brennan of Pixabay.

Gas prices in Florida climbed 6 cents last week, settling at $3.46 per gallon Sunday, according to AAA — The Auto Club Group.

As of Monday, they had risen a cent more. They should start falling again soon, AAA spokesperson Mark Jenkins said.

“Although gas prices rose last week, fundamentals are moving lower,” he said in a statement.

“Crude oil and gasoline futures prices finished the week sharply lower than the week before, which should enable gas prices to decline.”

The U.S. price for crude oil has fallen the last four consecutive weeks. Over that stretch, oil prices fell 13% — roughly $10 per barrel. By Friday’s closing, the price was $73.52 per barrel, the lowest daily closing price since June 4.

Jenkins said futures prices reportedly fell after the latest jobs report, which “triggered concerns of an economic slowdown.”

According to the Bureau of Labor Statistics, U.S. employers added slightly more than half as many jobs in July as they had on average in the prior 12 months. Unemployment remains low; however, the three-month from May through July rose more than half a percentage point, which could herald a drop in consumer spending and, consequently, a recession.

The most expensive metro market for Florida motorists is the West Palm Beach-Boca Raton area, where gas Monday cost $3.61 per gallon on average, followed by Naples ($3.51) and Tampa-St. Petersburg-Clearwater ($3.50).

The cheapest gas can be found in Pensacola ($3.11), Crestview-Fort Walton Beach (3.11) and Panama City ($3.14).

Nationally, the priciest states for drivers and motorcyclists are Hawaii ($4.67), followed by California ($4.63) and Washington ($4.24).

The best states to refuel now are Mississippi ($2.95), Louisiana ($3.04) and Texas ($3.05).