Gas Prices Up Over The Last Week, But AAA Says A Decline Is Likely

March 20, 2023

Florida gas prices jumped 15 cents per gallon last week, but relief may soon be on the way. On Sunday, the state average for regular unleaded was $3.46 per gallon. That’s 12 cents less than this year’s high of $3.58 per gallon.

The average price per gallon in Escambia County was over a quarter lower at $3.20. A low of $3.13 was available Sunday night at a station on Highway 29 in Cantonment, while Pensacola prices were as low as $3 at a station on East Nine Mile Road.

“There were significant losses in the oil market last week which should enable gas prices to move lower again,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The failure of two U.S. banks raised concerns of a global recession that could eventually hamper fuel demand.”

The U.S. price of oil dropped 13% last week, for a total loss of 17% over two weeks. Friday’s settlement of $66.74 per barrel was the lowest since December 2021. Interestingly, the gasoline market did not take quite as big of a hit, likely because strong springtime demand coupled with refinery maintenance season and the switch to summer gasoline is serving as somewhat of a buoy. Regardless, gasoline futures dropped 24 cents through the past two weeks, which is an indicator that pump prices should move lower, unless fundamentals rebound this week.

NorthEscambia.com file photo.

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Written by William Reynolds · Filed Under News