PANAMA CITY, Fla. (WJHG/WECP) -Florida drivers are getting some relief at the pump after weeks of price spikes tied to the conflict between the U.S. and Iran.
When fighting broke out, the Strait of Hormuz, a key route for global oil shipments, shut down, sending shockwaves through energy markets and driving up gas prices. In Florida, prices peaked at $4.51 per gallon in May, according to AAA.
Gas prices are now trending downward, a change AAA says likely stems from the signing of a memorandum of understanding between President Donald Trump and Iran’s president.
“We’ve seen gas prices declining since this announcement was made,” said Mark Jenkins, a spokesman for AAA. “Oil prices have plummeted and as a result of that, that’s lowering the cost of producing gasoline.”
Jenkins said price drops are not immediate. It can take one to two weeks for gas prices to fully reflect changes in crude oil costs, meaning drivers could see additional decreases in the days ahead.
Still, he said the fuel market remains unpredictable, and prices are unlikely to return to pre-conflict levels.
Florida drivers say the recent surge has stretched household budgets.
“I think it’ll be a few months before prices get better. If at all,” said Brianna Ardis, a Panama City resident.
Another local, Robert Galban, said the recent highs have been the worst he has seen since moving to the area.
“I’ve been living here for the last five years and right now the gas prices are the most crazy I’ve ever seen in all my life,” Galban said.
AAA reports Florida gas prices have fallen 30 cents over the past nine days. The statewide average currently stands at $3.68 per gallon.
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