As fast as they've gone up over the last two months, gas prices have retreated on better global news and falling crude prices.
Gas prices declined 32 cents in Florida over the last week, averaging $4.07 statewide coming out of the weekend. In Osceola County, the week starts with an average price of $4.009, although drivers are finding prices starting with a $3 in more places than the membership-based wholesale clubs like BJ's, Costco and Sam's Club.
Locally, we were at $4.35 per gallon of regular unleaded last week. Florida is about a quarter lower than the national average of $4.336 starting this week. The falling prices are in lock step with the word the military operations between U.S. and Iran may soon end, with a re-opening of the Strait of Hormuz coming with it. But experts say leaders need to follow up on that good news to get prices continuing to fall to the $3.11 they were this time a year ago.
"The U.S. average price of gasoline has fallen below $4.30 to $4.296 per gallon, the lowest level in over a month," said Patrick DeHaan, Head of Petroleum Analysis at GasBuddy said. "However, if a deal with Iran is not solidified very soon to reopen the Strait, prices may once again spike ... 49 of 50 states are seeing lower prices vs. a week ago."
"We’ve seen oil prices pull back over the past couple of weeks as hopes grow that the U.S. and Iran are nearing an agreement," said Mark Jenkins, spokesman, AAA – The Auto Club Group. "Since oil makes up about half the cost of gasoline, that can translate into lower prices at the pump."
The U.S. price of crude has mostly declined during the past two weeks, falling from $108.66 per barrel down to $87.36 per barrel on Friday.
