Florida gas prices hit lowest level since January

Gas in Florida is the cheapest it’s been since January, according to AAA — The Auto Club Group.

The statewide average price on Monday was $3.09 per gallon — the lowest daily average since Jan. 22, when it was $2.99 per gallon.

It could go even lower than that, but it might not stay at that level long, AAA spokesperson Mark Jenkins said in a statement.

“It has been 237 days since Florida gas prices were below $3 a gallon, but that streak could come to an end soon,” he said.

“Oil prices suffered big losses in recent weeks, due to global economic concerns and the belief that global fuel supplies could begin to outpace demand. This could enable the state average to fall below $3 a gallon before October.”

As for now, more than a quarter of gas stations in the Sunshine State have pump prices below $3 a gallon. The lowest 10% of unleaded gasoline prices on Sunday averaged $2.82 per gallon, while the highest 10% averaged $3.47 per gallon.

The price of crude oil last week dropped to $66.75 per barrel, the lowest since December 2021. By Friday, however, oil rebounded to $67.65 per barrel amid concerns over Hurricane Francine, which brought flash flooding, storm surge and tornadoes to the southern states of Alabama, Louisiana, Mississippi and Tennessee.

AAA noted the price of crude oil influences about half the price of gasoline. In April, Florida gas prices hit their highest 2024 level, at $3.64 per gallon. Meanwhile, the U.S. price of oil was $86.91 per barrel. The price of crude settled at $68.65 per barrel last Friday.

“As a rule of thumb, a dollar shift in crude is equivalent to about a 2.5-cent move in gas prices,” a news release from the organization said.

The most expensive metropolitan market in Florida for motorists to refuel remains the West Palm Beach-Boca Raton area, where the average price for gas Monday morning was $3.28 per gallon, followed by Naples ($3.23) and Gainesville ($3.20).

The cheapest gas was in the Crestview-Fort Walton Beach area ($2.78), followed by Pensacola ($2.83) and Panama City ($2.86).