By CBSMiami.com Team

MIAMI (CBSMiami) — Florida gas prices continue to drop a little. The state average declined 3 cents last week, for a total discount of 6 cents in the past two weeks.

Pump prices have gradually declined since the state average reached the 2021 high of $2.91 per gallon on March 21. Drivers are now paying an average price of $2.85 per gallon.

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“Florida drivers are getting a welcome break from rising prices at the pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Prices are declining now that refineries have mostly recovered from the power outages in mid-February, which resulted in reduced gasoline supplies. Crude oil prices also dropped in recent weeks, due to global concerns about rising cases of COVID-19 and lockdowns in Europe. Since retail prices have not yet fully adjusted to the oil and gasoline futures price drops, drivers should see pump prices slip even lower this week.”

The price of U.S. crude (WTI) settled at $61.45 per barrel on Thursday. Last week’s closing price is down 7% from this year’s high of $66.09/b, which was set on March 5. Meanwhile, gasoline futures and wholesale gasoline prices are down around 15 cents per gallon, from previous highs.

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Although gas prices are significantly higher than this time last year, year-on-year comparisons can be misleading right now. That’s because pump prices were plunging in April 2020, due to the pandemic’s crippling effect on demand.

The state average of $2.85 is nearly $1 per gallon more than this time last year. It’s only 5 cents more than the 2019 high of $2.80 per gallon, which was recorded in mid-April.

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Regional Prices

  • Most expensive metro markets – West Palm Beach – Boca Raton ($2.98), Miami ($2.91), Fort Lauderdale ($2.90)
  • Least expensive metro markets – Punta Gorda ($2.76), The Villages ($2.78), Ocala ($2.78)

CBSMiami.com Team