Florida Gas Prices Decline Over The Last Week

February 6, 2023

Florida gas prices declined 7 cents per gallon last week.

On Sunday, the state average was $3.50 per gallon. That’s 8 cents below the 2023 high and only 3 cents more than this time last year.

The average price per gallon in Escambia County was $3.31. The lowest North Escambia price Sunday night was $3.16 at a Highway 29 station in Cantonment, while Pensacola prices dipped as low as $3.06 at a warehouse club.

“Pump prices are moving lower again after a sharp drop in the oil and gasoline futures markets,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Oil prices are 10% lower than two weeks ago. Meanwhile, wholesale gasoline prices have fallen almost 40 cents. Unless the market suddenly rebounds, drivers could see gas prices drop another 5-15 cents this week.”

The drop is due to a combination of domestic and global factors. On Friday, the European Union agreed to impose a $100/barrel price cap on Russian oil. Additionally, there’s speculation that the strong January jobs report could cause the Federal Reserve to pass additional interest rate hikes, which could potentially lower fuel demand.

NorthEscambia.com photo.

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Written by William Reynolds · Filed Under News