Florida gas prices declined 6 cents per gallon during the past week. On Monday, the state average was $3.26 per gallon. That’s 2 cents higher than the lowest price so far this year.
Fuel prices have ping-ponged in the first two weeks of 2023. 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/g during the weekend.
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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 – which put downward pressure on pump prices. 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 Mark Jenkins, Public Relations Manager for AAA – The Auto Club Group. “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.