Gas prices decline after South Florida flood spike
MIAMI - After record flooding that caused widespread outages in South Florida, fuel supplies in the state have largely recovered and the prices are moving lower again.
On Monday, Florida gas prices averaged $3.64 cents per gallon. That's 7 cents less than last week and 8 cents less than the 2023 high.
In Fort Lauderdale, the average was $3.61 and in Miami it was $3.69.
"In addition to stabilizing fuel supplies in Florida, the fuel market has cooled off in recent weeks," said AAA spokesman Mark Jenkins.
He added that oil prices are on a two week streak of declines which should enable gas prices to steadily decline through the week."
Crude prices are now five dollars a barrel less than the highs set in mid-April after OPEC announced plans to cut oil production by a million barrels per day, beginning on May 1st. On Friday, the price of U.S. crude oil settled at $76.78 per barrel. That's down 1% from the week before, adding to the 6% drop the week before.
Regional Prices
Most expensive metro markets - West Palm Beach-Boca Raton ($3.84), Naples ($3.74), Homosassa Springs ($3.71)
Least expensive metro markets - Crestview-Fort Walton Beach ($3.30), Pensacola ($3.31), Panama City ($3.32)