Florida gas prices fall after big dip in oil prices

oil pump and nozzles at the gas station on the street in daylight

Gas prices in Florida jumped and then fell last week before settling 3 cents higherr than the week prior, following a sizable drop in oil prices over the same stretch, according to AAA — The Auto Club Group.

The state average rose 11 cents early last week, reaching $3.55 per gallon. By Sunday, the state average dropped to $3.40 per gallon, 3 cents more than the previous Sunday.

On Monday morning, the per-gallon average fell two more cents to $3.38.

AAA spokesperson Mark Jenkins said in a statement that the downturn could keep going.

“Recent fuel reports show China’s crude oil imports are declining,” he said. “This (has) driven prices lower, on concerns that global fuel demand is softening.”

The U.S. price for crude oil traded at about $83 per gallon in early July. Over the past three weeks, oil has declined 8%. The biggest drop was last week, when oil prices fell nearly $3 per barrel (4%).

On Friday, oil’s closing price for oil ($77.16 per barrel) was the lowest it’s traded since the first week of June. The average price for a gallon of gas during that time was $3.30.

The most expensive metro market for Florida motorists is the West Palm Beach-Boca Raton area, where the current average fuel price Monday morning was $3.57 per gallon, followed by Naples ($3.46) and Gainesville ($3.45).

The cheapest are the Crestview-Fort Walton Beach area ($3.13), Pensacola ($3.13) and Panama City ($3.16).

Nationally, the states with the best pump prices are Mississippi ($2.97), Louisiana ($3.06) and Tennessee ($3.06).

The priciest states are Hawaii ($4.66), California ($4.65) and Washington ($4.25).