Gas prices drop after two-week increase, likely to continue decrease

Ana Goñi-Lessan, Tallahassee Democrat
·1 min read
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After two weeks of increased gas prices, Florida saw a 7-cent drop in the average price per gallon last week.

The state average was $3.50 per gallon as of Sunday, Feb. 5.

A sharp drop in the oil and gasoline futures markets are forcing the dip in gas prices, according to the weekly briefing from AAA The Auto Club Group.

Previous:Florida's gas price surges amid 'unusual' January fluctuations

Compared to two weeks ago, oil prices are 10% lower, and wholesale gasoline prices have fallen 40 cents.

"Unless the market suddenly rebounds, drivers could see gas prices drop another 5-15 cents this week," said AAA spokesman Mark Jenkins.

Global and domestic factors are causing the price to decline. On Friday, the European Union agreed to a price cap on Russian oil at $100 a barrel, and the threat of the Federal Reserve increasing interest rates because of the strong January jobs report could lower the demand for gas.

Gas at a glance

  • Most expensive metro markets – West Palm Beach-Boca Raton ($3.70), Naples ($3.59), Fort Lauderdale ($3.57)

  • Least expensive metro markets – Crestview-Fort Walton Beach ($3.25), Panama City ($3.26), Pensacola ($3.33)

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

This article originally appeared on Tallahassee Democrat: Florida gas prices drop after two-week surge