Florida gas prices dropped 12 cents per gallon last week. The state average has now declined five consecutive weeks, falling a total of 54 cents per gallon since mid-November.
On Sunday, Florida gas prices averaged $3.04 per gallon. That’s the lowest daily average price since September 2021.
Visit GasPrices.AAA.com to view daily average prices.
These low gas prices are an early gift for drivers, especially the 5.8 million Floridians who are forecast to take a year-end holiday road trip. Sunday’s state average is almost 20 cents per gallon less than what travelers paid at the pump last Christmas ($3.23).
“The plunge at the pump is the result of falling oil prices, which have plummeted primarily due to market concerns about a global economic recession,” said Mark Jenkins, Public Relations Manager, AAA – The Auto Club Group. “Lower oil prices lowers the cost of producing gasoline. These low gas prices should hang around through the end of the year, unless oil prices unexpectedly rebound.”
Before the downturn in pump prices, the price of oil settled at $92.61 per barrel on November 4th. Since that time, oil declined by as much as 23%.
Last week, the price of crude oil increased 5%. Friday’s daily settlement of $74.29 per barrel is $3.27 per barrel more than the week before.
While that could slow the rate of falling prices at the pump, it’s unlikely to be enough to cause a significant increase.