Gas prices are down 8 cents this past past week in Florida. [Photo by Dawn McDonald]
Despite the impact of Hurricane Idalia and an uptick last week in the price of oil, Florida gasoline prices continued to drop after the Labor Day weekend.
The AAA auto club said the average price of a gallon of regular unleaded gas in Florida was $3.60 on Monday, 8 cents lower than a week earlier and 16 cents less than a month earlier.
“Pump prices appear to be defying the odds at the moment, despite the surge in the cost of oil,” AAA spokesman Andrew Gross said in a prepared statement. “This uneasy balancing act may last until we get beyond hurricane season and its threats to Gulf Coast oil and gas production and refining.”
Pump prices will continue to face issues such as rising oil prices, higher gas demand and tighter supplies.
Data from the Energy Information Administration said demand for gas nationally was up 2.6 percent in the past week, while domestic gasoline stocks dropped by 1.2 percent in the same time. Also, with Saudi Arabia planning to continue a cut in production through the end of the year, crude oil was selling at $87.51 on Friday, up $1.96 from a week earlier.