AAA reports that Florida gas prices are moving lower again as millions of Americans prepare to travel for Memorial Day weekend — but charting where and how prices will fluctuate around the long weekend to come is uncertain.
"With so many drivers fueling up, gas prices may fluctuate in the coming days," said Mark Jenkins, spokesman for AAA - The Auto Club Group. "However, even at their peak, prices should remain well below last year's holiday rates."
According to AAA's holiday travel forecast, a record-breaking 2.6 million Floridians will travel 50 miles or more between May 22-26.
Early last week, Florida gas prices shot up 20 cents per gallon, going from $2.92 per gallon to $3.12, then started a slow and steady decline through the weekend, settling in at $3.05 per gallon to start this week. That's 46 cents less than the state average on Memorial Day 2024 ($3.51).
Last year, the oil market was considered "balanced," AAA reports, with U.S. crude prices averaging around $78 per barrel. This year, prices have dropped to approximately $62 per barrel amid concerns that global fuel supplies may soon exceed demand. OPEC+ has announced plans to increase production later this year, adding to market uncertainty as analysts worry about a potential global economic slowdown and declining fuel consumption.
