Crude skidded nearly 10% in 2 weeks after the G7 agreed to tap 100M barrels from emergency stockpiles.
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Florida drivers are finally catching a break at the pump.
The state average for a gallon of regular unleaded dropped to $4.08 Sunday — 29 cents below the prior week and the cheapest that fuel has been in nearly four weeks, according to AAA — The Auto Club Group.
Over nine days, pump prices shed 34 cents, trimming roughly $5 to $7 from the cost of a fill-up.
Why? Credit the oil market. Crude oil prices declined nearly 10% in two weeks, sinking from more than $100 per barrel in mid-September to $91.11 when markets closed Friday as traders grew less anxious about global supplies.
Two developments drove the drop: stronger crude exports out of the Middle East, which is sending out more oil than before the Iran war, despite an uptick in tanker attacks; and an agreement by the G7 last week to tap 100 million barrels of oil and diesel from emergency stockpiles over four months, with a heavy disbursement of diesel in the first 20 days.
French President Emmanuel Macron convened a videoconference that produced the deal, and President Donald Trump leaned on European allies and floated a ban on U.S. diesel exports unless the bargain went through.
Floridians are still paying $1.03 more per gallon than a year ago and 13 cents more than a month ago.
Still, the state compares favorably to the rest of the country. Florida’s average runs almost 31 cents cheaper than the national average of $4.37.
The highest pump prices in the Sunshine State are in the West Palm Beach-Boca Raton area, where motorists are shelling out $4.28 per gallon, followed by Gainesville ($4.23) and Fort Lauderdale ($4.18).
The cheapest gas is in Pensacola, where drivers and motorcyclists are paying a per-gallon average of $3.92, followed by Panama City ($3.93) and the Crestview-Fort Walton Beach area ($3.95).
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