Florida gas prices drift down as Memorial Day approaches, despite increased demand
Gasoline prices in Florida are continuing to decline, much to the relief of motorists as they prepare for the upcoming Memorial Day weekend.
The average cost of a gallon of regular unleaded gas in the state was reported to be $3.48 on Monday, reflecting a decrease of 8 cents from the previous week. This places Florida’s gas prices 6 cents below the national average, according to data provided by the AAA auto club.
The decrease in gasoline prices is notable considering the rise in demand for fuel.
Typically, increased demand would drive pump prices higher. However, AAA spokesman Andrew Gross explained that the low cost of oil on the global market has counterbalanced the effects of heightened demand, resulting in stable prices for consumers.
>>> STREAM ACTION NEWS JAX LIVE <<<
With Memorial Day approaching, AAA projects a significant surge in travel. Approximately 2.4 million Floridians are expected to travel more than 50 miles for the holiday weekend, surpassing the figures from both 2022 and 2019. This surge in travel is attributed to strong consumer spending and a desire among Americans to enjoy a much-needed vacation, despite various inflationary pressures.
Patrick De Haan, the head of petroleum analysis at GasBuddy, a popular fuel-savings app, anticipates that fuel prices could potentially drop below $3 per gallon. This scenario would be plausible if refineries continue to operate at just over 90% capacity.
De Haan also pointed out on Twitter that, adjusting for inflation, the current average gas prices in the United States are equivalent to those of May 2018. However, they are expected to fall below that level soon and could even drop below the inflation-adjusted prices of May 2019.
[DOWNLOAD: Free Action News Jax app for alerts as news breaks]
While gas prices vary across different regions in Florida, the West Palm Beach and Naples areas are experiencing the highest average prices. In contrast, the Panhandle region boasts the lowest average prices for gasoline.
Local gas prices for pump stations in your area can be found HERE.
As Florida gears up for the Memorial Day weekend, the downward trend in gas prices provides a welcome relief to consumers, allowing them to plan their trips with more ease and confidence.
[SIGN UP: Action News Jax Daily Headlines Newsletter]
Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
