Gas prices in South Florida have decreased significantly, with an average price of $2.87 per gallon as of May 12, marking a drop of nearly 15 cents from the prior week. Prices are also down 16.5 cents from the previous month and 62.8 cents from a year ago. The decline in prices is attributed to concerns over a potential recession due to trade tensions, although easing tensions could lead to higher oil prices. North Florida remains the cheapest region for gas in the state, while Naples and Palm Beach County are the most expensive.
"Florida drivers are seeing the lowest gas prices in 17 months," said AAA spokesperson Mark Jenkins. "Prices dipped due to fears that the trade war could trigger a recession and reduce fuel demand. However, reports of easing tensions pushed oil prices higher last week, which could result in rising prices at the pump."
In the Miami area, the average has decreased nearly 15 cents a gallon from a week ago to average $2.87, 62.8 cents lower than a year ago.
Across Florida, gas prices also are down by double digits, with most areas below $3 a gallon, indicating a significant easing of fuel costs for residents.
North Florida remains the cheapest to get gas in the state, while Naples and Palm Beach County are among the most expensive areas for gas.
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