(The Center Square) – Florida’s average gas price dropped by 18 cents over the last week, but drivers shouldn’t bet on it staying that way, according to the latest report from AAA.
In a departure from what drivers have seen since Operation Epic Fury launched in Iran, the latest stats showed a decrease rather than an increase in statewide gas prices. While the average price per gallon for unleaded was still above $4 – sitting at $4.01 Monday – it was still 18 cents less than a week ago.
However, the price still reflects 30 cents more than drivers were paying at the pump per gallon one month ago and 91 cents more than a year ago.
Additionally, this week’s reprieve in rising gas prices may be short-lived, AAA warned.
“This discount at the pump comes after price drops in both crude oil and gasoline futures last week,” said AAA’s Mark Jenkins. “But it’s unclear how long this downward trend can last. Continued uncertainty surrounding the reopening of the Strait of Hormuz is already pushing oil prices higher, which could put upward pressure on gas prices again.”
The price of crude oil fell about 13% last week, landing at $96.57 per barrel – which is $14 per barrel less than the previous week. The drop in price was likely tied to news of a ceasefire between Iran and the U.S.
Crude oil prices rebounded Sunday night.
The price of oil can be expected to remain volatile and tied to the Strait of Hormuz. About 20% of the world’s oil supply moves through that area, AAA said.
The most expensive markets for gasoline in Florida remain West Palm Beach and Boca Raton at $4.19 per gallon, Gainesville close behind at $4.12 per gallon, followed by Fort Lauderdale at $4.10 per gallon.
The areas with the least expensive averages are Panama City and Pensacola at $3.86 per gallon, followed by Crestview and Fort Walton Beach at $3.89 per gallon.
