DORAL, FL – Florida’s average gas prices could possibly fall back to $3 a gallon based on how they are adjusting today after the recent crude oil price plunge.
On Monday, the state’s average was at $3.30 per gallon, after declining 4 cents during the past week. “An oil price drop of that magnitude, if sustained, could potentially drive the state average back below $3 a gallon,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.
Crude oil prices plummeted 13% in the U.S. after Thanksgiving and remained down all last week due to concerns about how the omicron variant could have a repercussion on global fuel demand.
Friday’s closing price of $66.26 per barrel is 15% below the price on the Wednesday before Thanksgiving. It’s also 21% below the 2021 high of $84.15/b – which was recorded nearly four weeks ago.
It is expected that Florida’s average gas prices continue showing improvement this week, unless oil prices suddenly rebound, but it will take some time to see prices in a normal rate.
“It won’t happen overnight. Florida pump prices are falling at a rate of 1-cent a day. Unless that rate accelerates, it could take a few more weeks before pump prices fully adjust,” Jenkins said.
The good news is that most Florida drivers are paying less than the national average of $3.36 per gallon. On Monday, average gas prices stand at $3.31 in Miami-Dade County, $3.35 in Broward, $3.60 in Monroe and $3.48 in Palm Beach.
Most expensive metro markets – West Palm Beach-Boca Raton ($3.48), Naples ($3.37), Fort Lauderdale ($3.35)
Least expensive metro markets – Crestview-Fort Walton Beach ($3.17), The Villages ($3.19), Pensacola ($3.23)
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