Florida Average Gas Prices Decline Slightly After Drop In Oil Prices

July 29, 2024

Florida gas prices rose 11 cents early last week reaching $3.55 per gallon. The state average then reversed course, declining 7 cents during the past four days. On Sunday, the state average was $3.40 per gallon. That’s about 3 cents more than a week ago.

“Gas prices could move even lower, after a big drop in oil prices last week,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Recent fuel reports show China’s crude oil imports are declining. This has driven prices lower, on concerns that global fuel demand is softening.”

The average price per gallon in Escambia County was $3.11. Sunday night, a low of $2.89 was available at several Pensacola stations, including on Pine Forest Road, Kenmore Road and Mobile Highway. In North Escambia, Sunday night’s low price was $2.99 at stations on South Highway 29.

In early July, the U.S. price for crude traded at around $83 per barrel. Oil has since declined a total of 8% through the past three weeks. The biggest weekly drop occurred last week. Oil prices fell nearly $3 per barrel (4%). Friday’s closing price was $77.16 a barrel. Oil hasn’t traded this low since the first week of June. During that time, the average gas price in Florida was around $3.30 a gallon.

Comments

One Response to “Florida Average Gas Prices Decline Slightly After Drop In Oil Prices”

  1. bob c. on July 30th, 2024 4:44 pm

    Has the USA’s Strategic Oil Reserve been replenished from the drawdown by the administration?

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