AAA announced that gas prices in Florida dropped during the first week of February.
On Sunday, according to a report from AAA, the average gallon of gas in Florida cost $3.50. At the start of last week, the average gallon of gas in Florida cost $3.58. The national average stood at $3.48 a gallon on Sunday.
Mark Jenkins, a spokesman for AAA and the Auto Club Group, offered some reasons why gas prices are dropping.
“Pump prices are moving lower again after a sharp drop in the oil and gasoline futures markets,” said Jenkins. “Oil prices are 10 percent lower than two weeks ago. Meanwhile, wholesale gasoline prices have fallen almost 40 cents. Unless the market suddenly rebounds, drivers could see gas prices drop another 5-15 cents this week.”
“The drop is due to a combination of domestic and global factors. On Friday, the European Union agreed to impose a $100/b price cap on Russian oil. Additionally, there’s speculation that the strong January jobs report could cause the Federal Reserve to pass additional interest rate hikes, which could potentially lower fuel demand,” AAA noted.
The West Palm Beach-Boca Raton market saw the most expensive gas in the state with an average of $3.70 a gallon, followed by Naples at $3.59 a gallon and Fort Lauderdale at $3.57 a gallon.
The Crestview-Fort Walton Beach area saw the least expensive gas in the state with an average of $3.25 a gallon, followed by Panama City at $3.26 a gallon and Pensacola at $3.33 a gallon.
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