Florida drivers are enjoying a rapid decline in gas prices, fueled by a significant drop in the crude oil market. Last week, the U.S. price for a barrel of oil plummeted to its lowest point since June 2023. This drastic decrease has been attributed to worries about both the U.S. and global economies, coupled with the expectation that the world’s oil supply may surpass fuel demand by the year’s end.
“Declining oil prices lowers the cost of producing gasoline,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Unless oil prices reverse course, gas prices should move even lower. Currently about 23% of Florida retailers have prices below $3 a gallon. That number is likely to grow this week.”
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As of Sunday, the average gas price in Florida stood at $3.16 per gallon, marking the lowest daily average since February 12, 2024. This represents a 15-cent drop from last week, a 24-cent decrease from last month, and a substantial 47-cent reduction compared to the same period last year. The year’s highest price peaked at $3.64 per gallon, while the all-time record remains at $4.89 per gallon, set in June 2022.
On Friday, domestic oil prices settled at $67.67 per barrel, a significant $6 per barrel (or 8%) decrease from the previous week. Just a month ago, oil prices were trading at over $80 per barrel.
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