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Frigid weather helps lower fuel demand, keeps gas prices in check

'Plunging temps across the country contributes to lower fuel demand, which normally leads to excess fuel supplies and lower prices,' AAA spokesman Mark Jenkins says
Gas, gas pump, fuel
Posted at 11:21 AM, Jan 22, 2024
and last updated 2024-01-22 11:21:14-05

WEST PALM BEACH, Fla. — One benefit of the bitterly cold temperatures that have dominated much of the country the last few weeks is that it is helping curb gas prices.

AAA said Monday that the wintry weather that has impacted the U.S. this month has lowered fuel demand, which normally leads to excess fuel supplies and lower prices.

Florida's average gas price is currently below $3 a gallon for the first time this year. At this time last year, the average price of gas in Florida was $3.41.

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The state average was $2.99 per gallon on Sunday, according to AAA. That price is the lowest daily average since Dec. 20.

"The state average has plummeted more than 16 cents in the past two weeks," AAA spokesman Mark Jenkins said.

More than 70% of filling stations in Florida currently have gas prices below $3 a gallon.

However, the West Palm Beach-Boca Raton metro market has the most expensive gas in the state at $3.21 followed by Fort Lauderdale at $3.09.

The least expensive gas in the state is in the Crestview-Fort Walton Beach market for $2.83 and Panama City at $2.84.

As of Sunday, the average price for gas in the U.S. was $3.08 compared to $3.41 a year ago.