Florida Gas Prices Begin Slow Decline

January 13, 2020

Pump prices in Florida are retreating after logging the most expensive start to a new year since 2014. Florida gas prices reached an average price of nearly $2.53 per gallon last Tuesday, but have since declined a total of 4 cents to $2.49 per gallon.

The average price per gallon was a bit higher in Escambia County at $2.52 Sunday night, while one station in Cantonment was at $2.45.

Rising crude prices dragged gas prices higher in recent weeks. However, oil prices quickly sank as tensions between the US and Iran began to ease. Last week, the price for a barrel of WTI crude dropped nearly $5; going from $64/b on Monday to $59/b on Friday.

“Drivers normally see some of the lowest gas prices of the year in January, but prices have remained elevated compared to recent months, due to the rising price of crude,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Cooling geopolitical tensions between the US and Iran has alleviated some of the upward pressure on gasoline, and now drivers are beginning to see lower prices at the pump. The state average could dip another few pennies this week. Seasonal factors like low gasoline demand and growing supplies should allow gas prices to slip even lower this month. However, seasonal factors will be at play again in the spring. Gas prices are forecast to bounce 20-30 cents higher in the coming months as refineries conduct maintenance and switch to summer gasoline.”

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Written by William Reynolds · Filed Under News