Florida gas prices declined for the third consecutive week. The state average has now fallen 24 cents per gallon since mid-August.
On Sunday, the state average was $3.61 per gallon. That’s 8 cents less than a week ago, and 24 cents less than this year’s highest daily price of $3.85 per gallon (August 17).
“Winter gasoline has moved into the market, enabling gas prices to move lower,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Unfortunately, the downward trend may end soon. Futures prices have strengthened in the fuel market, which should reapply upward pressure on prices at the pump.”
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The U.S. price of oil gained significant strength through August and early September. The increase has mostly been driven by concerns that OPEC’s decision to extend oil production cuts would further tighten global fuel supplies. U.S. oil prices closed at $87.51 per barrel on Friday.
That’s almost a 20% increase throughout the past two months. Gasoline futures have not increased as dramatically. After dropping 19 cents last week, gasoline futures regained about 6 cents per gallon – which could be an indication of where retail prices go in the coming week.
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