Gas prices in Florida continued to drop at the start of August, a new study finds–and they should get lower as the Sunshine State gets ready for a new school year.
According to a study released on Monday from AAA, the average gallon of gas in Florida cost $2.52 on Sunday, down six cents from the week before and 24 cents lower than this time last year. The national average stood at $2.71 a gallon on Sunday.
“Global oversupply concerns and rising tension in the U.S.-China trade war has kept oil prices low, and as a result, downward pressure on prices at the pump,” AAA noted.
Mark Jenkins, a spokesman for AAA and the Auto Club Group, weighed in on gasoline prices in Florida and said he expected gas prices to continue to decline in the Sunshine State.
“Continued weakness in the oil market has allowed for the cheapest summertime gas prices in two years,” said Jenkins. “So far this summer, Florida drivers are paying nearly 20 cents per gallon less than last summer. As we approach the end of summer driving season, gas price hikes should be few and far between. When students go back to school, gasoline demand dips, because fewer families are taking extended roads trips. The demand drop, normally helps keep downward pressure on prices at the pump through the rest of the year. However, the threat of a hurricane in the Gulf of Mexico always carries the potential for causing a gas price spike.”
Panama City had the most expensive gas in the state at $2.68 a gallon followed by Tallahassee at $2.67 a gallon and Naples at $2.61 a gallon.
The Tampa-St. Petersburg-Clearwater area had the least expensive gas in the state at $2.43 a gallon followed by Punta Gorda at $2.44 a gallon and the Melbourne-Titusville area at $2.45 a gallon.