Florida drivers are catching a break at the pump just in time for the Memorial Day weekend, as gas prices are trending downward. This comes as a record-breaking 2.6 million Floridians are projected to travel 50 miles or more for the holiday, according to AAA’s holiday travel forecast. An overwhelming majority, 2.3 million, will be hitting the road, making affordable fuel a welcome development.
“With so many drivers fueling up, gas prices may fluctuate in the coming days,” cautioned Mark Jenkins, spokesman for AAA – The Auto Club Group. “However, even at their peak, prices should remain well below last year’s holiday rates.”
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Florida’s average gas price stood at $3.05 per gallon on Sunday, a significant 46 cents lower than the $3.51 per gallon average recorded on Memorial Day 2024. This dip follows a volatile week where prices initially surged by 20 cents per gallon, climbing from $2.92 to $3.12. Fortunately for motorists, the state average then declined by 7 cents per gallon through the weekend.
The lower prices can be attributed to shifts in the global oil market. Last year, the market was considered “balanced” with U.S. crude prices averaging around $78 per barrel. This year, however, prices have fallen to approximately $62 per barrel.
This decrease is fueled by concerns that global fuel supplies may soon outpace demand. Adding to this uncertainty, OPEC+ has announced plans to increase production later this year, further raising concerns among analysts about a potential global economic slowdown and a subsequent decline in fuel consumption.
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While the recent drop offers relief for Floridians planning their Memorial Day getaways, AAA advises drivers to monitor local gas prices as they may still fluctuate throughout the holiday weekend due to increased demand. Nevertheless, the current outlook suggests that the cost of filling up for that road trip will be considerably less than it was last year.
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