AAA released a study on Sunday showing Florida gas prices dropped an average of 17 cents per gallon last week. It was the largest weekly decline since gas prices began falling six weeks ago.
The average gallon of gas in Florida cost $4.10 on Sunday. The national average stood at $4.37 a gallon on Sunday.
The state average has now declined a total of 79 cents per gallon, since setting a new record high of $4.89 a gallon in mid-June. AAA noted that some drivers are finding pump prices well below $4 a gallon in some regions. At the rate pump prices are declining, the state average could slip below $4 a gallon this week, for the first time since March 6.
The cost to fill an average 15-gallon tank of gas has declined nearly $12 since mid-June. When prices were at their peak, it cost an average of $73 for a fill-up. Now, it’s about $61.50.
“Gas prices continue their downward march, after another week of losses in the oil market and underwhelming gasoline demand figures,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “News out of the European Union helped to ease global supply concerns. The EU has reportedly loosened sanctions, allowing Russian state-owned companies to deliver fuel, in effort to help boost supplies. The lower price of crude lowers the cost of producing gasoline.
“Meanwhile, gas prices are under additional downward pressure due to a pullback in gasoline demand. The latest readings from the EIA put gasoline demand at 5 percent-10 percent below year-ago levels. This has those in the market believing that Americans are changing their driving habits to offset rising gas prices. Those prices at the pump are moving lower as a result,” Jenkins added.
The U.S. price for crude oil settled at $94.70 per barrel on Friday. That’s $2.89 (3 percent) less than the week before.
Naples had the most expensive gas in the state with an average of $4.38 a gallon, followed by the West Palm Beach-Boca Raton area at $4.36 a gallon and Fort Lauderdale at $4.22 a gallon.
The Crestview-Fort Walton Beach area had the least expensive gas in the state with an average of $3.83 a gallon, followed by Sebring at $3.88 a gallon and the Melbourne-Titusville market at $3.91 a gallon.
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