ORLANDO, Florida – Gas prices in Florida continue to decline following a significant drop in the oil market two weeks ago. According to the AAA, the state average decreased by 9 cents per gallon last week, bringing the average retail price to $3.37 per gallon on Sunday.
This is 21 cents lower than the highest price recorded this year and a whopping 75 cents lower than the prices motorists paid at this time last year.
The United States oil prices hit a new low for 2023, dropping by 17% two weeks ago. However, last week, there was a 4% rise in oil prices, which could limit further drops in gas prices. Typically, it takes two weeks for retail prices to adjust to changes in the futures market.
So, it is possible that gas prices may fall a little more this week before stabilizing or increasing slightly next week.
In terms of regional prices, the West Palm Beach-Boca Raton, Naples, and Port St. Lucie areas are the most expensive metro markets, with gas prices averaging $3.58, $3.48, and $3.43 per gallon, respectively.
The Crestview-Fort Walton Beach, Panama City, and Pensacola areas are the least expensive, with average gas prices of $3.18, $3.19, and $3.26 per gallon, respectively.
Despite the ongoing decline in gas prices, it is worth noting that the national average price per gallon is still higher than the average price in Florida.
As of Sunday, the national average stood at $3.57 per gallon, which is 20 cents higher than the average in the Sunshine State.