Florida Gas Prices Hit Lowest Level In Four Months, But Relief May Be Short-Lived

Florida drivers have enjoyed three consecutive weeks of falling gas prices, reaching the lowest average of $3.25 per gallon since mid-February.

This marks a 5-cent decrease from last week, a 25-cent drop from last month, and a 19-cent decrease compared to this time last year.

Last week, U.S. crude oil prices surged nearly $3 per barrel, a 4% increase, fueled by expectations of tighter supply due to voluntary production cuts by OPEC and its allies.

Read: Biden Allies Sue To Block Major Natural Gas Export Project

“Summertime road trips have become less expensive thanks to falling crude oil and gasoline futures prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “However, oil prices did regain some strength last week, which could cause the plunge at the pump to stall.”

Additionally, strong gasoline demand figures reported by the Energy Information Administration have also contributed to upward pressure on prices.

While the recent decline in gas prices has been welcomed by Florida drivers, the future remains uncertain. Whether the downward trend continues will largely depend on global oil market dynamics and the balance between supply and demand.

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Florida Gas Prices Hit Lowest Level In Four Months, But Relief May Be Short-Lived