The average price of a gallon of gasoline fell another 14 cents last week, the ninth consecutive week the cost has declined since reaching an all-time high in June.
The average price of gasoline in Florida was $3.65, the lowest mark since early March, reported AAA — The Auto Club Group. The price point is $1.24 less than what Floridians were paying in mid-June.
It now costs $55 to fill an average-sized 15-gallon tank of gas, AAA noted. That’s nearly $20 less than what drivers paid in mid-June, when pump prices set a new record high of $4.89 per gallon.
“The state average should continue moving lower, likely slipping into the $3.50s by the end of the week,” AAA spokesman Mark Jenkins said in a news release. “Oil and gasoline futures regained some strength last week, as analysts believe that falling fuel prices will encourage consumers to drive more.”
There is a touch of caution. The previous week, the U.S. price for crude oil fell to its lowest settlement price in six months, dipping below $90 per barrel. Last week, the U.S. price of oil rose 3%. Friday’s closing price of $92.09 per barrel is $3.08 per barrel more than the week before, AAA reported.
The overall trend downward in oil prices has largely been driven by market concerns that the global economy is heading for a recession, AAA stated.
The national average Monday was $3.96 per gallon, AAA reported.
Around Florida, the Crestview-Fort Walton Beach market continued to have the state’s best price, averaging $3.48 per gallon, according to AAA’s running survey. That was followed by The Villages at $3.50; Panama City and St. Petersburg at $3.54; Tampa and Pensacola at $3.56; Orlando at $3.57; and Jacksonville at $3.60.
Florida’s most expensive gas once again was found in the West Palm Beach-Boca Raton market, where drivers were paying an average of $3.85. That was followed by Naples at $3.82; Miami at $3.77; Fort Lauderdale at $3.71; Tallahassee at $3.70; Gainesville at $3.69; Fort Myers at $3.68; and Sarasota at $3.65.