Florida Gas Prices Drop to Two-Month Low

MIAMI - Gas prices in Florida saw a slight increase of 7 cents last week, followed by a decrease over the weekend, bringing the state average to $3.31 per gallon on Sunday. This figure represents a 2-cent drop from the previous week and a notable 12-cent decline compared to a month ago, as reported by AAA. The current average is also 33 cents lower than this year's peak of $3.64 per gallon. The fluctuations in gas prices are closely tied to the price of crude oil, which experienced an initial rise due to positive economic signals from the U.S. economy. A better-than-expected consumer spending report for July fueled optimism, leading to a spike in oil prices. However, by the end of the week, disappointing economic data from China contributed to a decrease in oil prices, according to AAA spokesman Mark Jenkins. In specific regions, Miami-Dade County reported an average gas price of $3.33 per gallon, down a penny from the previous week, while Broward County's average was slightly higher at $3.34 per gallon. The most expensive gas prices in Florida are found in West Palm Beach, Naples, and Gainesville, whereas the cheapest prices are located in the panhandle. The U.S. price of crude oil initially surged to $80 per barrel but ended the week at $76.65, reflecting a 19-cent decrease from the prior week. Additionally, gasoline futures dropped by 8 cents per gallon, indicating ongoing volatility in the market.