Florida Gas Prices Back Off 2021 High

November 8, 2021

Florida’s average gas price is backing off the 2021 high of $3.32 per gallon. The state average is now $3.28 per gallon, after declining 3 cents last week.

The average price per gallon in Escambia County was $3.29. A North Escambia low of $3.22 was at one Cantonment station Sunday night, while four Pensacola stations were at $3.13 or below.

The price of crude oil – which has been the main driver of rising gas prices this year – dropped 7% last week, as domestic oil production and stocks logged weekly gains. It was the first real sign of weakness in the oil market in a month. Unfortunately for motorists, half of that oil price drop was erased by the end of the week, as fuel demand continues to outpace global supplies. The price for U.S. oil settled at $81.27 per barrel, down $2.30 (3%) from the week before – lowering the cost of producing gasoline.

“Gas prices may inch a little lower this week, following the recent declines in the oil and gasoline futures market,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Despite the setback, significant upward pressure remains in the oil market. Prices are still at 7-year highs and are likely to remain elevated through the holiday season, which will in turn keep upward pressure on prices at the pump.”

Comments

Comments are closed.

Written by William Reynolds · Filed Under News