Miami drivers are finally getting some relief at the pump after several weeks of rising prices, but that relief has yet to reach Key Biscayne.
The average price of a gallon of regular gasoline in Miami fell 23 cents over the past week, from $4.38 to $4.15 per gallon to start the first workweek in October. On Key Biscayne, however, regular remained at $5.99 per gallon at both Island gas stations as of Sunday, $1.84 per gallon more than the Miami average.
Gas prices also fell across Florida. According to AAA, the statewide average dropped 29 cents over the past week and 34 cents over nine days, reaching $4.06 per gallon as of Monday morning, the lowest pricel in nearly four weeks.
Florida’s average price for regular gasoline has fallen sharply from a week ago but remains more than $1 per gallon higher than a year ago. The chart compares Florida gas prices with national averages. Courtesy AAA
AAA reported West Palm Beach-Boca Raton had Florida’s most expensive metro average Sunday at $4.28 per gallon, followed by Gainesville at $4.23 and Fort Lauderdale at $4.18.
The cheapest metro averages were in Pensacola at $3.92, Panama City at $3.93 and Crestview-Fort Walton Beach at $3.95.
Falling oil prices are helping drive the decline at the pump. AAA reported crude oil prices have dropped nearly 10% over the past two weeks, falling from above $100 per barrel in mid-September to $91.11 on Friday as concerns about global fuel supplies eased.
AAA said the G7’s decision to release 100 million barrels from emergency reserves, along with improving oil exports from the Middle East, helped ease supply concerns.
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