OCALA, FL (352today.com) – Florida gas prices surged early last week but began to decline over the weekend.
According to AAA, the state average climbed 15 cents to $3.22 per gallon before easing to $3.19 by Sunday. This marks an 8-cent increase from the previous week, 6 cents more than last month, but still 29 cents lower than the same time last year.
“Oil prices plummeted last week, which should contribute to lower prices at the gas pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The oil price plunge is reportedly attributed to concerns that tariffs could cause a global economic slowdown, potentially resulting in a reduction in fuel demand. The market is also now worried about an overabundance of global oil supplies. This comes after OPEC+ announced plans to raise oil production in May by about three times more than previously planned.”
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The U.S. price for crude oil closed at $61.99 per barrel on Friday, the lowest since April 2021. Overnight trading on Sunday saw it dip below $60. Oil prices account for roughly half of what consumers pay at the pump.
In Ocala, GasBuddy.com reports fuel is available for $2.96 per gallon at the Circle K on SW Highway 200 as of Monday morning.