By CBSMiami.com Team

TAMPA (CBSMiami) — Florida gas prices have slowly declined the past 10 consecutive days. The state average is now $3.07 per gallon, after slipping 3 cents last week from the 2021 high of $3.10 per gallon.

“Drivers are still paying some of the most expensive prices at the pump since October 2014,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Although gasoline prices normally decline in the fall, they remain elevated due to the high price of crude and lower fuel supplies both domestically and around the world.”

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The lower fuel supplies are a result of both the pandemic and Hurricane Ida’s effects on the gulf coast.

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When the pandemic struck, global and American crude producers let off the throttle. U.S. crude production rates dropped as much as 25% in 2020. About half of that had returned before Hurricane Ida struck the gulf coast. Three weeks ago, U.S. crude oil production rates dropped another 13%, after Hurricane Ida temporarily shutdown oil refineries and offshore rigs. Fortunately, that reduction has been cut in half over the past two weeks, as refineries and offshore rigs work to reopen. In addition, refinery activity, gasoline supplies and production all logged weekly gains last week.

The price for a barrel of US crude finished at $73.98 Friday on the NYMEX. That was $2 more than the week before, yet still less than this year’s high of $75.25/b. A positive indicator for drivers is that wholesale gasoline prices finished nearly the same as a week ago.

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Regional Prices

  • Most expensive metro markets – West Palm Beach-Boca Raton ($3.22), Fort Lauderdale ($3.11), Gainesville ($3.10)
  • Least expensive metro markets – Punta Gorda ($2.97), Sebring ($3.00), Ocala ($3.00), The Villages ($3.03)

CBSMiami.com Team