Gas prices fell for a third straight week in Florida and the trend should continue as the U.S. announced a framework on Sunday for an agreement expected to end its war with Iran and reopen the flow of oil tankers through the Strait of Hormuz.
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The auto club AAA put the average gallon of gas in Florida at $3.81 on Monday, ranging from a low of $3.48 in Escambia County at the western end of the Panhandle to $4.17 in Monroe County, which includes the Florida Keys.
The average, down 3 cents over the past week, has fallen 71 cents since May 20, when market optimism grew upon the latest round of ceasefire talks.
Still, Patrick De Haan, head of petroleum analysis at GasBuddy, cautioned it may take a few days to “see if the agreement sticks, and if traffic begins moving in the Strait.”
“Beyond that, the national average could fall below $3.75/gal by July 4, under a optimistic timeline, but hurricane season could be a major wildcard for the rest of summer-tight global inventories mean it will take months or beyond to fully restore global oil inventories,” De Haan posted on X.
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The U.S. has sought to counter pump prices by drawing down reserves to the lowest levels since the early 1980s.
The national average stood at $4.07 a gallon on Monday, according to AAA. The average is down 9 cents over the week and 49 cents since May 20.
The state average was $2.90 a gallon on February 28, with the national average at $2.98, when the U.S. and Israel began military operations against Iran.
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