Sep 6, 2022 - News

Post-Labor Day outlook optimistic for Florida gas prices

A person squeezes the handle of a gas pump while filling a red car.
Photo: Marijan Murat/picture alliance via Getty Images

Gas prices declined for 11 straight weeks ahead of Labor Day weekend, and experts say that downward trend is likely to continue into the fall, Axios' Ivana Saric reports.

Driving the news: The current average price of a regular gallon of gas in Florida is $3.52 as of Monday, according to the American Automobile Association (AAA).

  • That's cheaper than both the national average (about $3.79), and Miami-Dade's ($3.57).

The big picture: Florida's average gas price is still significantly higher than the average a year ago — when a gallon cost roughly $3.02 — but lower than last month, when it averaged around $3.84.

  • The price is also a notable improvement from its all-time peak on June 13, at $4.89.

What to watch: Some states — like Oklahoma and Texas — could see gas prices fall below $3 per gallon "by the end of the year, if not earlier," Patrick De Haan, head of petroleum analysis at GasBuddy, told CNBC in an interview published Monday.

  • "Although gasoline demand has increased and supply has tightened, lower oil prices have led to falling pump prices," AAA explained in a statement Thursday.

Yes, but: Prices could jump again if hurricanes or other weather problems impact oil refineries.

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