As Floridians gear up for Thanksgiving, they are greeted with a welcome relief at the gas pumps. The state is witnessing a significant drop in the average gas price, with prices now reaching a new low for the year 2023. As of Sunday, the average price per gallon stands at $3.04, marking a decrease of 15 cents from the previous week and the lowest since late December 2022. This figure is notably lower than the $3.41 per gallon drivers paid during last year’s Thanksgiving.
Half of Gas Stations in Florida below $3.00/gallon
Mark Jenkins, a spokesperson for AAA – The Auto Club Group, highlighted this trend, noting that over half of the gas stations in Florida are now offering gasoline below $3 per gallon. Despite potential fluctuations in the coming weeks, AAA anticipates that gas prices will remain low throughout the holiday season, barring any sudden spikes in oil prices.
A significant factor contributing to this reduction is the dramatic fall in oil prices. From late September, when crude oil was priced at $93 a barrel, it has plummeted to $72 last week. Correspondingly, the state average gas price dropped from $3.69 per gallon to the current $3.04.
Panhandle Prices are Least Expensive
The trend is not uniform across the state, with some metropolitan areas experiencing higher prices. West Palm Beach-Boca Raton is currently the most expensive market, with prices averaging $3.28 per gallon. In contrast, cities like Pensacola, Crestview-Fort Walton Beach, and Panama City are among those with the least expensive gas, where the average gas price fell to below $3 per gallon.
This year’s decline in Thanksgiving holiday gas prices is largely attributed to the continuous drop in crude oil prices, now at its lowest since July. This follows Saudi Arabia’s decision to reduce its crude oil production by 1 million barrels per day. Oil prices had previously risen in June after OPEC announced a cut in crude oil production that would extend through 2024.
Jenkins further emphasized the positive impact on Florida’s drivers, noting that about 20% of gas stations in the state now offer prices below $3 per gallon, a trend that is likely to continue.
In comparison to the past two Thanksgivings, the current gas prices represent a significant reduction. According to GasBuddy.com, a gallon of regular gas cost $3.39 in 2021 and $3.56 in 2022, highlighting the relief that Floridian drivers are experiencing this year as they prepare for their holiday travels.
