TAMPA, Fla. – Florida gas prices declined 12 cents per gallon last week. The state average is now on a 31-day streak of declines, falling a total of 41 cents per gallon.
On Sunday, the average for gasoline in Florida was $3.16 per gallon. That’s 11 cents per gallon more than a year ago.
“Economic recession concerns have kept downward pressure on the global fuel market, causing crude oil prices to plummet, dragging gas prices down with them,” said Mark Jenkins, Public Relations Manager for AAA – The Auto Club Group. “The price of crude plunged 29% in the past month; 11% of that happened last week. This should pave the way for additional discounts at the pump this week. Unless fundamentals change, the state average could easily sink below $3 a gallon before Christmas Day.”
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The state average is now $1.73 per gallon less than the record-high price of $4.89 per gallon, set back in June. During that time, oil prices traded as high as $123.70 per barrel. On Friday, U.S. oil settled at $71.02/b – the lowest daily settlement of 2022.
Pump prices are already below what drivers paid during last year’s holidays. In 2021, Florida gas prices averaged $3.23 per gallon on Christmas Day and $3.22 per gallon on New Year’s Eve.
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