AAA released a report on Sunday that shows Florida gas prices fell for the eighth consecutive week, declining 14 cents from the start of last week.
The state average stood at $3.79 per gallon on Sunday. That’s the lowest daily average price since March 4. The national average stood at $4.07 a gallon on Sunday.
The state average has now declined a total of $1.10 per gallon since setting a new record high of $4.89 on June 13. The average cost for a fill-up is now $57 for a 15-gallon tank. That’s $16.50 less than what drivers paid two months ago.
“Falling oil prices and drooping gasoline demand has paved the way for the recent pump price plunge,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “The downturn should continue this week, after another round of big losses in both oil and gasoline futures markets.”
The U.S. price for crude oil dipped below $90 per barrel last week, dropping to its lowest settlement price in 6-months. Friday’s closing price of $89.01/b is 10 percent less than the week before, and 27 percent less than mid-June, when pump prices reached new record highs.
The downturn in oil prices has largely been driven by market concerns that the global economy is heading for a recession. The price drop accelerated last week after weekly EIA supply and demand numbers showed a large gain in domestic crude oil and gasoline supplies. The same EIA report measured implied gasoline demand at nearly 13 percent below year ago levels – thus applying further downward pressure to prices at the pump.
“The fuel market seems to be locked in bearish territory,” Jenkins continued. “Florida drivers in some markets are beginning to find gas prices in the $3.60s, if not lower. The state average could very easily drop to that price point in the next week or two. However, it’s worth remembering that the fuel market has proven to be extremely volatile this year, and trends can change rather quickly if something reignites concerns about fuel supplies.”
The West Palm Beach-Boca Raton market had the most expensive gas in the state with an average of $4.00 a gallon followed by Naples at $3.96 a gallon and Miami at $3.89 a gallon.
The Crestview-Fort Walton Beach area had the least expensive gas in the state at $3.56 a gallon followed by the Villages at $3.64 a gallon and Panama City at $3.65 a gallon.
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