In a recent drop that has wallets breathing a little easier, Miami's gas prices have hit their lowest mark in a month. According to CBS News Miami, the state average for gas dipped below the $3 threshold for the first time this year, landing at $2.99 per gallon. This figure represents the cheapest gasoline since December 20.
As the chill spread across the country, so too did the impact on fuel demand, prompting a surplus in supply and driving down the prices. "The state average has plummeted more than 16 cents in the past two weeks," said AAA spokesman Mark Jenkins to CBS News Miami. A majority of stations, over 70 percent, are now offering gas for less than $3 a gallon. Miami-Dade's average was spotted at $3.07 a gallon, a slight retreat from last week's $3.11. Meanwhile, walking down the same declining path, Broward's average hit $3.09, from the prior week's $3.14.
In what spells good news for the consumer, the local picture mirrors a larger trend. Islander News reported a 9.2 cents drop per gallon over last week in Miami, positioning the average gallon of regular gas at $3.04. This is not only 10.3 cents lower than a month ago but also 38.3 cents cheaper than the same time last year.
Even with some stations continuing to charge as much as $4.99 per gallon, the cheapest gas in Miami could be found selling at $2.39 per gallon yesterday. Unmoved by these winds of change, Key Biscayne's prices stubbornly stood at $4.49 per gallon. Patrick De Haan, head of petroleum analysis at GasBuddy, told Islander News, "We continue to see gasoline prices bouncing off lows, only to re-test them again and again. While prices jumped in some places, it’s being offset by drops elsewhere, and that has kept alive the possibility of briefly seeing the national average fall to the lowest level since 2021." A trend that, if it continues, could lead to more than just a sigh of relief at the pumps.
Reflecting the broader easing in the oil market, the national average also nudged downward, with a slight 0.8 cents drop bringing the average to $3.03 a gallon. The move, while modest, continues to hold steady, suggesting that the trend of falling gas prices might stick around, at least for the time being.
