Florida gas prices inched lower last week. The state average declined by only 1-cent. After previously declining by margins of 3-4 cents, this was the smallest weekly decline in a month.
“The gas price plunge stalled out last week, after news of a possible COVID-19 vaccine sent crude oil prices higher,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The announcement restored some optimism within the fuel market, that fuel demand could eventually rebound. With the vaccine’s widespread release likely months away, it’s likely that gas prices will remain low through the rest of the year.”
Crude oil prices rose $3 a barrel last week. It was an increase of 8% from the week before. Oil prices shot up early in the week upon news of a possible COVID-19 vaccine. However, that optimism cooled off toward the end of the week as reports of rising cases of coronavirus continued to roll in.
Florida gas prices have declined a total of 20 cents through the course of the past 43 days. Florida drivers are now paying an average price of $1.99 per gallon. The state average is 1 cent less than a week ago, 15 cents less than last month, and nearly 40 cents less than this time last year.
- Most expensive metro markets – West Palm Beach-Boca Raton ($2.15), Pensacola ($2.10), Panama City ($2.09)
- Least expensive metro markets – Punta Gorda ($1.88), Orlando ($1.91), Tampa-St. Petersburg-Clearwater ($1.92)