Gas prices begin to decline

Posted at 9:01 PM, Sep 25, 2017

TALLAHASSEE, Fla. (WCTV) - After reaching 3-year highs due to Hurricanes Harvey and Irma, gas prices have begun to decline. Prices soared when Harvey struck refineries along the nation's gulf coast. Elevation continued as demand spiked in the southeastern U.S. following Hurricane Irma.

Now, levels are returning to normal and prices are on the decline.

"If it weren't for the recent hurricanes, gas prices would be about 25 cents lower," said Mark Jenkins, AAA spokesman. "Since gas prices decline much slower than they rise, it could take a few weeks before they reach equilibrium. Gas prices in the southeastern U.S. should drop another 5-10 cents this week."

The average price in Florida has declined for the last 10 consecutive days for a total of five cents, since peaking at $2.73 on September 14. Gas prices in Florida averaged $2.67 on Sunday, which is four cents less than last week. However, compared to this time last year, Florida drivers are paying 52 cents more for a gallon of gasoline.

The most expensive gas price averages in Florida today are in the West Palm Beach-Boca Raton area ($2.76), Miami ($2.73), and Fort Lauderdale ($2.71). The least expensive are in Pensacola ($2.60), Tallahassee ($2.60), and Tampa-St. Petersburg-Clearwater ($2.63)

The highest recorded price for a gallon of gas in Florida dates back to July 17, 2008, at $4.079.

Barring another natural disaster, AAA says Florida residents should expect this trend to continue, and can look forward to even lower gas prices.