Florida gas prices declined during the past week and through the Labor Day holiday weekend. Holiday travelers paid the fourth-most expensive Labor Day gas prices on record.
The all-time highest price for Labor Day weekend was set back in 2012, at $3.78 per gallon.
On Monday, the state average price for a gallon of regular unleaded gasoline was $3.52 per gallon.
That’s 50 cents per gallon more than what drivers paid during last year’s holiday. The average full tank of gas now costs nearly $53. That’s $20 less than what drivers paid in mid-June, when Florida’s state average was at its all-time high of $4.89 per gallon.
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“Pump prices are falling after sharp drops in the oil and gasoline futures markets last week,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The losses were fueled by growing concerns that a global recession and Covid-19 outbreaks in China would stifle global fuel demand. If sustained, this downturn could enable the state average gas price to eventually slip into the $3.30s. However, oil prices were gaining strength Monday night, after OPEC and its allies announced plans to cut production in effort to stabilize falling energy prices.”
On Monday, OPEC and Russia agreed to cut output by 100,000 barrels a day in October. This is the group’s first production cut in more than a year. Following the announcement, the U.S. price of oil was up by more than 2% in overnight trading.
The increase, if sustained, amounts to an increase about $2 per barrel for the price of crude. That would only erase a third of the losses the oil market suffered last week. On Friday, the U.S. price of crude settled at $86.87 per barrel, after falling by more than $6 a barrel from the week before.
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