Gas prices continue to drop across Florida and the nation as the 37.5 million Americans who hit the highways for Independence Day enjoyed that holiday’s lowest gas prices in more than a decade. 

AAA released a new study on Wednesday looking at gas prices at the national and state levels. On Tuesday, the national average at the pumps was $2.23, the lowest for Independence Day since 2005. In Florida, on Tuesday, the average stood at $2.15, nine cents lower than this time last year and the lowest for the Independence Day holiday since 2004. In the past month, gas prices across Florida have dropped, on average, 23 cents. Tuesday’s average was the lowest for Florida since November 2016. 

Mark Jenkins from AAA said motorists should expect higher gas prices soon. 

“Unfortunately the pump price plunge may soon come to an end,” Jenkins said on Wednesday. “We are entering a six week period where demand is normally the strongest of the year. Plus, oil and wholesale prices made solid gains last week, reaching a level that should cause gas prices to level off. Motorists in some markets may see pump prices climb 5-10 cents in the next week or two as a result.”

Jenkins pointed to rising oil prices and domestic production dropping in the end of June.

“Neither of these declines are considered dramatic, but the sudden shift in fundamentals was enough to send oil prices higher,” AAA noted. “Market watchers will look to today’s EIA data report to see if this trend continues, in hopes it will steer prices higher.”

The Tampa Bay area continues to see the lowest gas prices in the Sunshine State with an average of $2.02 in the Tampa-St. Petersburg-Clearwater market. Orlando is right behind the Tampa Bay area with prices at the pump averaging $2.05 followed by the Bradenton-Sarasota-Venice  where the average stands at $2.09. 

South Florida continues to have the highest priced gas in the state. The West Palm Beach-Boca Raton market has the most expensive gas on average at $2.26 followed by Miami at $2.24 and Fort Lauderdale at $2.22.

Source link