AAA: Memorial Day Gas Prices Lowest In 17 Years
MIAMI (CBSMiami) – Florida drivers paid an average price of $1.88 per gallon on Memorial Day which is 77 cents less than last year's holiday, and the lowest Memorial Day gas price in 17 years.
Pump prices have dropped drastically since February, due to COVID-19's limiting effects on gasoline demand. Since that time, the state average declined a total of 66 cents per gallon, bottoming out at $1.76 on May 6. But now with more Floridians on the road, pump prices are beginning to bounce back.
As Florida reopens, gasoline demand is improving. Since sinking to a 75 percent deficit, gasoline demand in Florida is now down only 10-20 percent from a year ago.
"Gas prices are back on the rise now that Floridians are driving more, but it's unclear how high they'll go," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "While additional price increases are possible in the coming weeks, drivers are currently in line for the cheapest summer at the pump in 15 years."
Florida gas prices increased 11 cents last week. It's the largest weekly increase since the pandemic began. Florida drivers are now paying 73 cents per gallon less than a year ago.