There’s good news at the pump as the average price for gas in Florida went down last week after a brief uptick.
The state average started the week at $3.04 per gallon, then shot up to $3.18 by Thursday, before falling back down to $3.10 on Sunday, May 4, according to AAA – The Auto Club Group.
On Monday, the average dropped to $3.08 per gallon.
Since September 2024, Florida’s average price has bounced between $2.96 and $3.30 per gallon, with drivers paying an average price of $3.11.
Drop in oil prices means to good news at the pump
“Florida gas prices are poised to move lower this week,” AAA spokesman Mark Jenkins said in a statement. “Oil prices dropped last week on concerns that OPEC and its allies could add more oil to the market, at a time when the global economy braces for a potential slowdown – which typically results in lower fuel demand.”
According to AAA, OPEC+ reportedly plans to bring 2.2 million oil barrels per day back to the market by November. The effort is allegedly designed to sink oil prices in an effort to regain market share, while also punishing Iraq and Kazakhstan for not complying with production quotas.
On Friday, the U.S. price for oil was $58.29 per barrel, down $4.73 from the week before. Last Wednesday’s closing price of $58.21 per barrel was the lowest since April 2021, according to AAA. During that time, Florida’s average gas price was around $2.85 per gallon.
South Florida pump prices
In Miami-Dade, drivers were looking at an average of $3.02 a gallon on Monday, that’s down 2 cents from a week ago. In Broward, the average was $3.07, compared to $3.03 a week ago.
West Palm Beach and Naples were the most expensive places in the state for gas, with averages near $3.20 a gallon and above. Conversely, Panama City and Pensacola were the cheapest areas for gas, it averaged around $2.80 a gallon.
