AAA Expects Gas Prices to Drop in Florida After Crude Oil Falls

At the start of this week, AAA released a report on gas prices in Florida.

The average gallon of gas in Florida cost $3.34 on Sunday, down from $3.36 at the start of last week and below the national average of $3.40. However, AAA noted it expected prices to fall due to lower crude oil costs.

“Florida drivers could soon find deep discounts at the gas pump, after crude oil prices were slashed on ‘Black Friday.’ The crude price cuts were sparked by concerns about the emergence of a new strain of COVID-19 and the implications it could have on future fuel demand,” AAA noted. “Friday, the price of U.S. crude dropped 13 percent, finishing the week 10 percent lower than the week before. Friday’s closing price of $68.15 per barrel is the lowest daily price since September 9, 2021. During that time, the price of gasoline in Florida was teetering on $3 per gallon.”

“Unless oil prices rebound this week, Florida drivers should begin to see significant relief from the pain at the pump,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “The recent drop in futures prices could result in a discount of around 25 cents per gallon or more. But it’d be unusual for that discount to hit the pumps overnight. Gas prices normally rise like a rocket and fall like a feather. So it could take weeks before gas prices fully adjust to this.”

The West Palm Beach-Boca Raton area had the most expensive gas in the state with an average of $3.49 a gallon followed by Fort Lauderdale and Naples at $3.38 a gallon.

The Crestview-Fort Walton Beach area had the least expensive gas in the state with an average of $3.23 a gallon followed by Pensacola at $3.25 a gallon and Panama City at $3.27 a gallon.

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