Florida gas prices fall after oil prices tank

Image via Paul Brennan of Pixabay.

Gas prices in Florida are plummeting after a big drop in the crude oil market, according to AAA — The Auto Club Group.

On Sunday, the per-gallon price of gas averaged $3.16. That’s the lowest daily average price since Feb. 12.

The reason: Last week, the U.S. price for a barrel of oil dove to the lowest level since June 2023. And where oil prices go, gas prices follow.

According to AAA spokesperson Mark Jenkins, the “crude price plunge” came amid concerns about the U.S. and international economies and the belief that global oil supplies could outpace fuel demand by the year’s end.

“Declining oil prices lowers the cost of producing gasoline,” he said in a statement. “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.”

Sunday’s state average price of $3.16 per gallon is 15 cents cheaper than last week, 24 cents lower than last month, and 47 cents below where it was this time last year.

The highest price point so far this year was $3.64 per gallon. All-time, the highest price was $4.89 per gallon in June 2022.

Domestic oil prices settled at $67.67 per barrel — almost $6 per barrel lower than last week. Oil traded at more than $80 per barrel just a month ago.

The most expensive metropolitan market in Florida on Sunday was the West Palm Beach-Boca Raton area, where motorists shelled out $3.35 for a gallon of gas, followed by Naples ($3.33) and Gainesville ($3.29).

The cheapest market was the Crestview-Fort Walton Beach area, where drivers and motorcyclists paid $2.88 per gallon, followed by Pensacola and Panama City ($2.95).

On Monday, the price rose 3 cents to $3.15 per gallon. That’s still well below the $3.27-per-gallon national average.