Remember how gas prices spiked the last three weeks? Well, unlike the weather, we've gotten a reprieve this past week. But, going forward, all bets are off.
That's the word from AAA, who said Florida gas prices are retreating from 2023 highs. A little more than a week ago, the state average reached $3.84 per gallon - the most expensive state average since August 2022. The state average has since declined for nine consecutive days, falling a total of 10 cents per gallon during that time.
Sunday's state average was $3.74 per gallon. That's the lowest daily average price since July 31. Despite the recent drop, Florida drivers are paying 8 cents more than this time last year. Here in Osceola County we've gotten a bit of a break, with the average for regular unleaded at $3.67, cheaper than our Orange ($3.72) and Polk ($3.73). We're still paying more than a year ago ($3.60).
"Florida drivers are likely relieved to see gas prices move lower again, but that downward trend may not last long," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Last week, gasoline futures prices rebounded to the same levels that led to the 2023 highs we saw earlier this month. Since it can sometimes take a week or two before changes in the futures market hits the retail side, drivers could see gas prices move higher early this week or next."
Gasoline futures rose as a number of refiners continue to grapple with hot weather, reducing petroleum output at a time when the country is seeing a late summer demand surge. Extreme heat can cause complications for refiners in the form of equipment failures, in addition to regional electrical outages and severe weather.
"It's not uncommon to see gas prices fluctuate during the summer months," Jenkins continued. "The long term forecast is unclear, as hurricane season remains a major wild card. Gas prices could spike if a hurricane threatens refineries along the Texas, Louisiana and Mississippi coastlines."
