Florida motorists experienced a sharp jolt at the pump last week as the state’s average gas price abruptly rose by 12 cents before beginning a swift decline. The state average, which was $2.84 per gallon on Monday, shot up to $2.96 by Wednesday, only to settle back to $2.92 by Sunday.
Despite the volatility, the current average remains relatively modest compared to recent months and is significantly lower than a year ago.
Key Price Comparison:
- Up 6.5 cents compared to one week ago
- Down 5 cents compared to one month ago
- Down 21 cents compared to this time last year
“Florida gas prices continue fluctuating on a weekly basis,” said Mark Jenkins, spokesman for AAA – The Auto Club Group. “Last week, the state average rebounded after dropping 13 cents in 9 days. Fortunately, pump prices remain on the low end of what drivers have paid this year.”
The state average has bounced between $2.84 and $3.23 per gallon so far this year, underscoring the ongoing instability.
The recent price volatility comes amid several factors putting downward pressure on prices. Industry analysts point to the typical autumn fuel-demand dip, a global oil oversupply, and the switch to winter-blend gasoline as key contributors to the recent discounts at the pump.
Crude oil, the largest input cost for gasoline, is also trading significantly lower than last year. The U.S. price of crude settled at $60.09 per barrel on Friday, which is $7 per barrel less than its price at this time last year.
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