Florida drivers saw gas prices settle at an average of $3.10 per gallon on Sunday, May 4th, after a week marked by significant price fluctuations at the pump.
According to data from AAA – The Auto Club Group, the state average for regular unleaded seesawed throughout the past week, starting at $3.04 per gallon on Monday, May 29th, climbing to a high of $3.18 by Thursday, May 1st, before falling back down to $3.10 by Sunday.
This pattern of volatility has been common for Florida motorists in recent months. Since September 2024, the state’s average price has largely remained within a range of $2.96 to $3.30 per gallon, with the overall average holding around $3.11.
Looking ahead, analysts anticipate prices are likely to trend downward. “Florida gas prices are poised to move lower this week,” said Mark Jenkins, spokesman for AAA – The Auto Club Group. “Oil prices dropped last week on concerns that OPEC and its allies could add more oil to the market, at a time when the global economy braces for a potential slowdown – which typically results in lower fuel demand.”
Reports suggest the OPEC+ group plans to reintroduce 2.2 million barrels of oil per day to the market by November. This move is reportedly aimed at lowering oil prices to regain market share and potentially pressure members like Iraq and Kazakhstan who have allegedly not adhered to production quotas.
The U.S. price for crude oil ended Friday, May 2nd, at $58.29 per barrel. This represents a significant drop of $4.73, or 8%, from the previous week’s closing price.
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Wednesday’s closing price of $58.21 per barrel marked the lowest point since April 2021, a period when Florida’s average gas price hovered around $2.85 per gallon. The substantial decline in oil prices is expected to translate to lower costs for consumers at Florida gas stations in the coming days.
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