Florida Gas Prices Moving Lower Again

November 12, 2023

Florida gas prices are moving lower again after rising unexpectedly last week. The state average logged a new 2023 low of $3.16 per gallon on Monday. It then rose 8 cents per gallon by Wednesday. Fortunately, however, that upward trend immediately reversed course, as the state average declined 2-cents a day, through the past three days.

“Last week’s gas price hike didn’t make much sense, considering how oil and gasoline futures prices have steadily fallen through the past few weeks,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Either way, the jump at the pump was short lived and those gains were mostly erased by the weekend. Oil prices are now at multi-month lows, which should help keep gas prices low through the holidays.”

Cantonment prices were as low as $2.89 Sunday night on Highway 29, while Pencacola prices bottomed out at $2.70 on East Nine Mile Road.

The price of crude has been on a 3-week streak of declines, falling 13% ($11) since late October. The price of oil continues to have a direct impact on pump prices, since oil is a key ingredient in gasoline. In late September, oil was trading at above $90 per barrel. Friday’s closing price was $77.17 – a $5 drop from the week before.

NorthEscambia.com file photo, click to enlarge.

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Written by William Reynolds · Filed Under News