AAA: Gas Prices in Florida Start to Lower After Crude Oil Prices Drop

AAA released a report this week showing gas prices are slowly dropping in Florida after the recent plunge in crude oil prices.

On Sunday, the average gallon of gas in Florida cost $3.30, down four cents from the start of last week. Across the nation, the average gallon of gas cost $3.36 on Sunday.

“That downward trend is likely to continue this week, unless oil prices suddenly rebound,” AAA noted. “Crude oil prices plummeted after Thanksgiving, on concerns about how the omicron variant could impact global fuel demand. The price of US crude dropped 13 percent after Thanksgiving and remained down all last week. Friday’s closing price of $66.26 per barrel is 15 percent below the price on the Wednesday before Thanksgiving. It’s also 21 percent below the 2021 high of $84.15/b – which was recorded nearly four weeks ago.”

“An oil price drop of that magnitude, if sustained, could potentially drive the state average back below $3 a gallon,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “But it won’t happen overnight. Florida pump prices are falling at a rate of 1-cent a day. Unless that rate accelerates, it could take a few more weeks before pump prices fully adjust.”

The West Palm Beach-Boca Raton area had the most expensive gas in Florida with an average of $3.48 a gallon followed by Naples at $3.37 a gallon and Fort Lauderdale at $3.35 a gallon.

The Crestview-Fort Walton Beach area had the least expensive gas in the state with an average of $3.17 a gallon followed by the Villages at $3.19 a gallon and Pensacola at $3.23 a gallon.

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