AAA: Florida gas prices slip after jumping 7 cents

Florida gas prices are moving lower again after unexpectedly jumping 7 cents last week, AAA officials said.

The state average has since declined .3 cents after reaching $2.51 a gallon on Thursday. 

"Despite last week's price hike, Florida drivers are still paying 32 cents per gallon less than they did in the spring," said Matt Nasworthy, Florida public affairs director for AAA - The Auto Club Group. "Fortunately, the state average has declined one cent per day since Friday, and could drift below $2.45 this week."

On average, Florida drivers are paying .4 cents more per gallon than a week ago and .5 cents more than last month. However, drivers are spending 34 cents per gallon less than this time last year. 

Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($2.58), Panama City ($2.56), Gainesville ($2.53).
  • Least expensive metro markets – Pensacola ($2.43), Jacksonville ($2.44), Orlando ($2.44).

In its latest weekly report, the Energy Information Administration’s (EIA) data revealed that gas demand is starting to decline – as is typically the case during the fall. For the week ending on Sept. 27, demand moved from 9.34 million barrels per day (b/d) to 9.13 million b/d, which is the same rate seen at the end of September 2018.

At the close of Friday’s formal trading session on the NYMEX, WTI settled at $52.81 per barrel - $3 per barrel less than the Friday before. Crude prices are ending the week lower after continued trade tensions between the U.S. and China worried market observers. Those fears grew after the World Trade Organization ruled that the U.S. could impose tariffs on imports from the European Union this week. Increased tariffs could reduce global crude demand, helping to push prices down even further, which would also lead to lower prices at the pump.