AAA: Oil Prices Plummet to 2023 Lows; Gas Prices Face Renewed Downward Pressure

Florida gas prices jumped 15 cents per gallon last week, but relief may soon be on the way

BREVARD COUNTY, FLORIDA – The U.S. price of oil dropped 13% last week, for a total loss of 17% over two weeks.

“There were significant losses in the oil market last week which should enable gas prices to move lower again,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

“The failure of two U.S. banks raised concerns of a global recession that could eventually hamper fuel demand.”

The U.S. price of oil dropped 13% last week, for a total loss of 17% over two weeks. Friday’s settlement of $66.74 per barrel was the lowest since December 2021.

Interestingly, the gasoline market did not take quite as big of a hit, likely because strong springtime demand coupled with refinery maintenance season and the switch to summer gasoline is serving as somewhat of a buoy. Regardless, gasoline futures dropped 24 cents through the past two weeks, which is an indicator that pump prices should move lower unless fundamentals rebound this week.

Regional Prices

■ Most expensive metro markets – West Palm Beach-Boca Raton ($3.63), Naples ($3.52), Port St. Lucie ($3.51)
■ Least expensive metro markets – Crestview-Fort Walton Beach ($3.17), Panama City ($3.18), Pensacola ($3.22)

Daily gas price averages can be found at Gasprices.aaa.com

Sunday Saturday Week Ago Month Ago One Year Ago
National $3.446 $3.449 $3.472 $3.413 $4.262
Florida $3.455 $3.459 $3.314 $3.305 $4.197

Gas Price Survey Methodology

AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

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