Florida gas prices dip 17 cents in last two weeks
TALLAHASSEE - Florida drivers are getting a bit of a break at the pump.
Gas prices across the state have dropped, on average, 17 cents per gallon in the last two weeks.
On Monday, the state average price for regular gasoline was $3.70 per gallon. That was almost 20 cents more than what drivers paid on Labor Day, last year.
"Although gas prices have recently declined, Florida drivers paid the most expensive Labor Day gas prices since 2012," said AAA spokesman Mark Jenkins. "Where pump prices go from here is unclear, because oil and gasoline futures prices are moving in opposite directions."
Last week, gas futures dropped by nearly 20 cents as summer blend gasoline leaves the market and expectations are that fuel demand will move lower after Labor Day. However, the U.S. price of oil jumped to a new 2023 high. Friday's closing crude price of $85.55 per barrel was 7% higher than the week before and the most expensive daily settlement since December. The upswing is attributed to reports that Saudi Arabia would likely extend its 1 million barrels per day production cuts through October, which would contribute to continued tightness in global oil supplies.
The most expensive places to fill up last week were the West Palm Beach and Naples markets, the cheapest markets were in the Panhandle.