Florida gas prices ping pong in first weeks on new year
MIAMI - Florida gas prices have ping-ponged in the first two weeks of 2023.
Prices, on average, dropped 6 cents per gallon during the past week. On Monday, the state average was $3.26 per gallon. That was 2 cents higher than the lowest price, so far this year.
On Tuesday, the state's average jumped to $3.30 a gallon. In Miami-Dade and Broward, the average for a gallon of regular was $3.36.
The year began at $3.24 per gallon, which is currently this year's low. The state average then jumped to $3.31 on the 5th, before eventually setting back to $3.26 during the weekend.
Oil prices remain the big contributor to fluctuating prices at the pump. The U.S. price of oil dropped 15% in the first week of 2023. Unfortunately for drivers, those losses were cut in half last week, when oil rebounded by 8%.
"Pump prices may not go much lower this week, thanks to a rebound in oil prices," said AAA's Mark Jenkins. "Crude prices strengthened last week on various news reports, causing investors to grow optimistic about global fuel demand. First, reports that China is easing COVID-19 restrictions. There's also hope that the Federal Reserve could slow interest rate hikes, following reports that inflation eased in December."
The U.S. price for oil settled at $79.86 per barrel on Friday. That's $6.09 per barrel (8%) more than the week before, and the highest daily settlement so far this year.
Regional Prices
Most expensive metro markets for unleaded regular - West Palm Beach-Boca Raton ($3.48), Gainesville ($3.34), Miami ($3.36)
Least expensive metro markets for unleaded regular - Crestview-Fort Walton Beach ($3.09), Panama City ($3.10), Pensacola ($3.10)
Florida Gas Price Overview
Tuesday's Avg. Price - $3.30 per gallon
Cost for a Full Tank - $49.50 (15 gallons)
2023 High - $3.31 per gallon (1/5/2023)
2022 High - $4.89 per gallon (6/13/22)
All-Time Record High - $4.89 per gallon (6/13/22)