Florida gas prices drop below $4 but volatility persists due to Iran war

Gas prices in Florida have been on a rollercoaster ride, with a recent drop below $4 per gallon at some stations before showing signs of another increase. The volatility is largely attributed to the ongoing Iran war, which has disrupted oil tanker traffic through the Strait of Hormuz, a critical passage for global oil supply. As of October 5, the statewide average price for regular gasoline fell to $4.06, down from a peak of $4.42 on September 25. However, experts warn that this reprieve may be temporary, as the military conflict with Iran continues to impact global oil markets.

The price fluctuations vary across Florida, with the Panhandle generally offering the cheapest gas and South Florida the most expensive. For instance, in Port Orange, several stations that had been selling gas for less than $4 over the weekend raised their prices to $4.19 by midday October 5. Meanwhile, the Daytona Beach metro area saw an average price of $4.08 per gallon. AAA reported that eight of Florida's 24 largest metro areas had gas prices averaging less than $4 a gallon, with Pensacola having the cheapest at $3.91.

On the higher end, the West Palm Beach-Boca Raton area had the most expensive gas prices, averaging $4.26 per gallon. By the afternoon of October 5, some stations in this area had raised their prices close to $5 per gallon. Industry experts attribute the price volatility to the Iran war, which has significantly reduced oil tanker traffic through the Strait of Hormuz, impacting global oil supply and, consequently, retail gas prices. They suggest that price fluctuations will likely continue until the conflict is resolved.

In the meantime, AAA offers tips for drivers to save money on fuel, such as comparing prices using the AAA Mobile App, combining errands into one trip, checking tire pressure regularly, avoiding aggressive driving, enrolling in fuel rewards programs, and considering paying cash when lower prices are available.