‘Florida drivers are finally seeing some meaningful relief at the pump, and there could be more on the way.’
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Sunshine State motorists are continuing to see relief at the pump.
Gas prices in Florida dropped another 7 cents per gallon last week, reaching their lowest level in four months, according to AAA — The Auto Club Group.
As of Sunday, the state average price was $3.80 per gallon — down from $3.87 the week prior and $4.18 a month ago.
The cause? Oil and gasoline futures, which both declined significantly in recent weeks alongside signs of improving global supplies, softer demand and easing concerns about supply disruptions.
U.S. crude oil settled at $90.83 per barrel Friday, which was roughly $11 per barrel, or 11%, below the Oct. 20 settlement of $101.79.
Meanwhile, gasoline futures settled at $2.78 per gallon, or about 33 cents, under the Oct. 19 settlement of $3.11.
Those reductions place downward pressure on gas prices; however, retail prices don’t typically move in lockstep with futures markets, and regional supply conditions, distribution costs and other factors can influence how quickly lower wholesale prices reach consumers.
AAA spokesperson Mark Jenkins expressed optimism at the movement.
“Florida drivers are finally seeing some meaningful relief at the pump, and there could be more on the way,” he said. “If the market remains favorable, pump prices could continue moving lower. While it’s unclear how low prices could go, the recent market moves are encouraging for drivers.”
Drivers and motorcyclists in Florida are enjoying the cheapest gas prices in Panama City, where an average gallon of regular gas costs $3.50, followed by Pensacola ($3.52) and the Crestview-Fort Walton Beach area ($3.55).
The most expensive fuel is in the West Palm Beach-Boca Raton area ($3.97), followed by Gainesville ($3.92) and Fort Lauderdale ($3.86).
Florida’s price is about 22 cents lower than the national average of $4.02 per gallon, driven up by states like California ($5.75), Hawaii ($5.66) and Nevada ($5.08), and down by states like North Carolina ($3.27), Georgia ($3.48) and Texas ($3.49).
The post Florida gas prices fall to 4-month low, now 62 cents per gallon below late-September peak appeared first on Florida Politics – Campaigns & Elections. Lobbying & Government..
