The average price of regular gasoline in the United States fell by 5 cents over the past three weeks, bringing the cost to approximately $3.25 per gallon (3.8 liters), according to AAA. This decrease marks the lowest gas prices since mid-February. The current price is 5 cents less than last week's and 20 cents below the national average, which stood at $3.45 on Sunday, as stated in a press release from the organization.
However, crude oil prices surged nearly 4 percent last week, noted Mark Jenkins, a spokesperson for AAA. Industry analysts attribute this rise to voluntary production cuts agreed upon by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, which could lead to a market shortage of oil during the summer, the press release mentioned.
Highest and Lowest Gas Prices in Florida
The highest gas prices were recorded in West Palm Beach-Boca Raton ($3.45), Naples ($3.34), and Miami ($3.33). On the other hand, the least expensive metropolitan markets are currently Crestview-Fort Walton Beach ($3.05), Pensacola ($3.07), and Panama City ($3.07).
Understanding the Recent Gas Price Changes
To provide more clarity on the recent changes in gas prices, here are some frequently asked questions and their answers.
Why have gas prices dropped recently?
Gas prices have dropped due to a decrease in demand and an increase in gasoline supply in the market.
What factors influence gas prices?
Gas prices are influenced by crude oil prices, supply and demand, production levels, and geopolitical events.
Will gas prices continue to drop?
It's uncertain if gas prices will continue to drop, as future prices depend on a variety of factors including crude oil production decisions and global economic conditions.