Florida gas prices jumped 15 cents per gallon last week, but relief may soon be on the way, according to new data from AAA.
On Sunday, the state average for regular unleaded was $3.46 per gallon.
That’s 12 cents less than this year’s high of $3.58 per gallon.
“There were significant losses in the oil market last week which should enable gas prices to move lower again,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The failure of two U.S. banks raised concerns of a global recession that could eventually hamper fuel demand.”
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The U.S. oil price dropped 13% last week, for a total loss of 17% over two weeks, according to AAA.
Friday’s settlement of $66.74 per barrel was the lowest since December 2021.
Interestingly, the gasoline market did not take quite as big of a hit, likely because strong springtime demand coupled with refinery maintenance season and the switch to summer gasoline is serving as somewhat of a buoy.
Regardless, gasoline futures dropped 24 cents through the past two weeks, which is an indicator that pump prices should move lower, unless fundamentals rebound this week.
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