Florida Gas Prices Declined Again Last Week, AAA Says

June 5, 2023

Florida gas prices declined a nickel last week. The state average on Sunday was $3.36 per gallon, the lowest daily average price since late April.

In Escambia County, the average per gallon was $3.24 Sunday. A low of $3.15 in North Escambia was at a Highway 29 station in Cantonment, while Pensacola area prices bottomed out at $2.95 at the warehouse clubs.

“Pump prices have been under pressure during the past month, due to falling oil prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “However, oil prices could strengthen this week. Over the weekend, OPEC agreed on another round of oil production cuts. It’s unclear how much of an effect this will have on fuel prices, but if oil prices rise significantly, drivers would likely see higher prices at the pump.”

This is the latest in several rounds of production cuts. Last year, OPEC agreed to cut oil production by 2 million barrels per day. In April, the cartel surprised the market by cutting an additional 1.16 million barrels per day. This caused a brief jump in oil prices, which cooled through May. OPEC hopes this additional 1 million b/d cut will send oil prices higher again.

Overnight, the U.S. price of oil traded at above $72 per barrel. That’s only about a dollar more than Friday’s closing price, and within the same range that oil prices have been in during the past month.

Comments

One Response to “Florida Gas Prices Declined Again Last Week, AAA Says”

  1. C'mon, man on June 6th, 2023 7:49 pm

    It seems like they’ve come down several times in the last month or two, but they have also gone up several times in between the drops – so it’s really just hovering around the same level.

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