AAA says relief possibly in sight as Florida gas prices reach 2024 highs

TAMPA, Fla. — Relief may be in sight after Florida gas prices rose to 2024 highs. The state average reached $3.64 per gallon on Friday, which tied the with 2024 high set in mid-April.

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The state average has since declined 3 cents per gallon. Sunday’s state average was $3.61 per gallon, which is only 3 cents more than what drivers paid this time last year. It’s also well below the 2023 ($3.85) and 2022 highs ($4.89).

“Drivers will likely be happy to hear that they may soon get a break from rising prices at the pump,” said Mark Jenkins, public relations manager for AAA. “The price of oil took a step back last week, enabling gasoline futures to drop 20 cents per gallon.”

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After spending the better part of the past 2 months above $80 per barrel, the U.S. price of oil dropped below $80 per barrel on Wednesday, and settled at $78.11 per barrel on Friday. That was a 7% drop from the week before.

About half the price of gasoline is influenced by oil prices. The $5.74 per barrel weekly decline is equivalent to a 10-15 cent swing in gasoline prices.

“Unless those prices suddenly rebound this week, drivers should see gas prices steadily move lower,” Jenkins said.

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Oil analysts attribute the price drop to a surprise increase in U.S. commercial oil inventories and signs that geopolitical tensions in the Middle East could be weakening.

You can view local average gas prices at GasPrices.AAA.com.

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Regional Prices

Most expensive metro markets – West Palm Beach-Boca Raton ($3.77), Naples ($3.70), Homosassa Springs ($3.68)

Least expensive metro markets – Crestview-For Walton Beach ($3.35), Pensacola ($3.37), Panama City ($3.38)

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