Gas prices continue to drop, though not exactly to bargain levels

Image via The Associated Press.

Florida gasoline prices dropped an average of 15 cents per gallon last week, continuing the steady downhill pace from the record high set in June, AAA reported Monday.

At $4.42 per gallon, Florida’s average gas price now is 42 cents lower than the peak, and lower than it has been since mid-May, according to AAA — The Auto Club Group.

The forecast shows prices could dip even lower. The prices across Florida are spread across a wide scale and at least some of the trends in global markets are downward, suggesting there still is plenty of room for more decline in price. A statewide average of $4.30 may be seen this time next week.

A month ago, Florida drivers saw an average price of $4.88. Then again, a year ago it was $3.01.

“Floridians are getting some welcome relief from record high prices at the pump,” said Mark Jenkins, spokesman for AAA — The Auto Club Group, in a news release. “The price declines are attributed to falling oil and gasoline futures prices, which suffered steep drops in recent weeks, due to concerns about a potential global economic recession, and how that could result in lower worldwide demand for fuel.”

“However, there is still concerns about global fuel supplies, which is keeping somewhat of a floor on prices,” Jenkins added. “Unless there’s a sudden rebound in the price of oil, the state average should drop below $4.30 this week.”

The U.S. price for crude oil plummeted early last week, falling a total of $10 per barrel in two days before erasing some of those losses by the end of the week, AAA reported. Last Wednesday’s settlement price of $98.53 per barrel was the lowest closing price for oil since April 2022. By the end of the week, it was back up to $104.79, but that still was down from the week before.

In Florida, AAA found the best gas prices in the Crestview-Fort Walton Beach market, where drivers saw an average of $4.28. In Panama City the average price was $4.30; in the Melbourne-Titusville market, $4.30; Orlando, $4.35; Tampa, $4.36; Tampa, Tallahassee and Sarasota, $4.38; and St. Petersburg, $4.39.

Florida’s most expensive gas continues to be pumped in the West Palm Beach-Boca Raton market, where it was at $4.63 Monday. That was followed by Naples, $4.59; Miami and Fort Lauderdale, $4.52; Gainesville, $4.43; and Fort Myers, $4.42.