AAA: Gas Prices Continue to Drop Across Florida Thanks to Falling Oil Prices

AAA released a report on Sunday that found that gas prices in Florida dropped last week.

The average gallon of gas in Florida cost $4.42 on Sunday, down from $4.57 at the start of last week. The state average has now declined for four consecutive weeks, falling a total of 47 cents during that time. Across the nation, the average gallon of gas cost $4.68 on Sunday, down from $4.81 at the start of last week.

“Floridians are getting some welcome relief from record-high prices at the pump,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “The price declines are attributed to falling oil and gasoline futures prices, which suffered steep drops in recent weeks, due to concerns about a potential global economic recession, and how that could result in lower worldwide demand for fuel. However, there is still concerns about global fuel supplies, which is keeping somewhat of a floor on prices. Unless there’s a sudden rebound in the price of oil, the state average should drop below $4.30 this week.”

Drivers are now paying an average price of $4.42 per gallon, though Florida residents in some regions are paying less than $4.20/g. The state average is now at 2-month lows. On average, it now costs $66 to fill a 15-gallon tank. That’s $7 less than when prices were at record levels in mid June.

The U.S. price for crude oil plummeted early last week, falling a total of $10 per barrel in two days, before erasing some of those losses by the end of the week. Settlement prices went from $108.43 per barrel a week ago, down to $98.53 on Wednesday. That was the lowest closing price for oil since April 2022. Unfortunately, the oil market recovered some of those losses by the end of the week. However, Friday’s closing price of $104.79 per barrel remains $3.64/b (3 percent) less than the week before.

The West Palm Beach-Boca Raton area had the most expensive gas in the state with an average of $4.63 a gallon followed by Naples at $4.59 a gallon and Fort Lauderdale at $4.52 a gallon.

The Crestview-Fort Walton Beach area had the least expensive gas in the state with an average of $4.25 a gallon followed by Panama City and the Melbourne-Titusville market which both saw an average of $4.30 a gallon.

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