SARASOTA, Fla. (WWSB) – Florida gas prices are moving lower after rising 17 cents early last week, AAA is reporting.
Sunday’s state average of $3.83 per gallon is 3 cents more than a week ago but 56 cents less than a month ago.
“Crude prices dropped overnight after the United States and Iran announced an agreement to reopen the Strait of Hormuz,” said Mark Jenkins, spokesman for AAA – The Auto Club Group.
“This is an encouraging sign for drivers, as lower oil prices typically lead to lower prices at the pump. However, this remains a fluid situation, and it’s unclear how quickly or how much gas prices may fall.”
Sunday night, crude oil traded around $80 per barrel, down about 5% from Friday’s closing price of $84.88.
When the U.S.-Iran conflict began, oil traded near $67 per barrel. As tensions escalated, crude eventually climbed to a high of $112.95 in early April. Florida’s average price for gasoline rose from $2.91 per gallon to a high of $4.52.
The Strait of Hormuz could reopen Friday, when the agreement is expected to be signed, but market conditions may take time to stabilize. Resuming shipping traffic and restoring confidence among insurers and global markets could take weeks or longer.
Regional Prices
Most expensive metro markets – West Palm Beach-Boca Raton ($4.04), Naples ($3.94), Fort Lauderdale ($3.92)
Least expensive metro markets – Pensacola ($3.52), Crestview-Fort Walton Beach ($3.63), Panama City ($3.68)
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