Miami Gas Prices Buck National Trend, Stay Near $5 on Key Biscayne

Key Biscayne, Florida, USA - Drivers in Miami have recently faced a small uptick in gas prices, with the average cost of a gallon of regular gas rising by 0.5 cents to $3.05 as of Sunday. This rise is a curious twist, especially considering that the national average has seen a decrease of 1.8 cents, settling at $3.07 per gallon. Despite this week’s increase, Miami’s current gas prices are 14.6 cents higher than they were a month ago and 30.2 cents lower than a year ago. Patrick De Haan, head of petroleum analysis at GasBuddy, remarked on the unusual movement in Miami, attributing it to increased refinery output and surging gasoline supplies affecting prices differently across the country. In fact, the cheapest gas in the Miami area is available for $2.59 per gallon, while some stations in Key Biscayne are charging as much as $4.79 per gallon, creating quite the price disparity for the residents and travelers alike. Islander News reports that Miami stands out within the state in this increasingly volatile market.

Breaking down the numbers further, Miami’s current gas price is reported at $3.04, while the state average sits slightly higher at $3.12. Interestingly, over the past week, the change in Miami’s gas price has been minimal, remaining stable with a mere 0.1% dip. Year-over-year, though, the scene looks better for consumers, with prices down by $0.39, amounting to an 11.4% decrease. Diesel prices aren’t faring much better, either, currently hovering around $3.35 per gallon. Similar to gasoline, diesel has also seen a subtle decline over the last week, which may provide some relief to those relying on it for work. Historical data shows that the highest gas price recorded in Miami reached $4.91 in June 2022. For a closer look at regional comparisons, Laredo, TX, and Henderson, KY, are the leaders in the lowest gas prices, both offering gas for $2.53 a gallon. Miami, in contrast, finds itself grappling with greater costs. Stacker provides further insight into these local gas price shifts.

Statewide Trends Amid Volatility

Across Florida, gas prices have remained relatively steady, with an average of $3.09 per gallon reported by AAA – The Auto Club Group. This price hasn’t budged since last week and is part of a broader trend where prices have been contained within a tight 30-cent range since September. The reason for the relatively stable gas prices in Florida, despite recent fluctuations in the oil markets, lies in various factors affecting global supply. Last week, oil prices experienced a bump of about 6%, reaching $63.41 per barrel, influenced by geopolitical tensions, strong economic indicators in the U.S., and supply constraints from events like Canadian wildfires. Florida Politics elaborates on how these elements impact our local markets.

Interestingly, while most areas within Florida have felt the weight of fluctuating prices, some regions have experienced the brunt of the costs. The West Palm Beach-Boca Raton area tops the list in terms of expense at $3.26 per gallon, followed closely by Naples at $3.19 and Sebring at $3.15. On the contrary, the Panhandle offers some relief with prices as low as $2.76 in Crestview-Fort Walton Beach and $2.78 in Panama City. Overall, Floridians are navigating a complicated landscape of gas prices, and with the national averages differing as significantly as they do, the quest for the best prices continues to engage local drivers. As Miami drivers contemplate their next fill-up, it’s clear that the journey through these evolving price fluctuations will require keen attention and perhaps patience as the economy adjusts to the ongoing global situation.