Gas prices drop in Florida — but do not celebrate just yet

Ervin Shkulaku/DUANEWS

Florida drivers are finally seeing some relief at the pump, but it may be too early to celebrate.

The statewide average price for regular gasoline fell to about $4.20 per gallon on Thursday, down from roughly $4.25 on Wednesday, according to AAA.

That represents a drop of nearly 6 cents in just one day. A week ago, Florida drivers were paying about $4.38 per gallon, meaning prices have fallen approximately 19 cents per gallon in a week.

Some major Florida cities are seeing even larger weekly declines. In Orlando, regular gasoline averages about $4.15 per gallon, compared with $4.42 a week ago. Tampa is averaging roughly $4.15, while Jacksonville stands at about $4.24 and Miami at approximately $4.23.

But don’t celebrate just yet.

The latest developments in global oil markets could threaten that downward trend. Oil prices jumped again Thursday. U.S. West Texas Intermediate crude rose about 1.8% to $92.07 per barrel, while Brent crude climbed approximately 2.5% to $100.48 per barrel.

The rebound came after China suspended exports of petroleum products to destinations outside Hong Kong and Macau, adding new concerns about already-tight global fuel supplies.

Oil markets are also dealing with continued uncertainty surrounding conflicts in the Middle East and Ukraine.U.S. gasoline inventories have also tightened.

Government data released Wednesday showed gasoline stocks falling by 1.7 million barrels during the previous week, while distillate inventories dropped by 2.3 million barrels.

That means Florida’s recent decline at the pump could face renewed pressure if crude oil and wholesale fuel prices continue rising.

For now, drivers are paying less than they were a week ago — but whether that relief lasts is far from certain.