A significant drop in oil prices has led to a notable decrease in the cost of gasoline across various parts of Florida, with an average reduction of 15 cents per gallon. According to the weekly report from AAA - The Auto Club Group, published by El Nuevo Herald, the average price in the state reached $3.16 per gallon last Sunday, the lowest level since February 12, 2024. This decline offers considerable economic relief for drivers.
The price fell 15 cents in just one week, according to AAA. The total is significantly lower than this year's peak of $3.64 per gallon and is even more noteworthy when compared to the historic high of $4.89 in June 2022. Mark Jenkins, spokesperson for AAA, explained that the drop in oil prices has reduced the cost of gasoline production, suggesting that prices could continue to decline.
"Currently, around 23 percent of retailers in Florida have prices below $3 per gallon, and this figure is likely to increase in the coming days," Jenkins stated.
The price of a barrel of oil in the United States fell to $67.67, the lowest level since June 2023. This reduction of nearly $6 per barrel (-8 percent) compared to the previous week was driven by economic concerns both in the United States and globally, as well as the expectation that oil supplies could surpass demand by the end of the year. Just a month ago, the price per barrel was over $80, highlighting the magnitude of the recent drop.
Cited by El Nuevo Herald, AAA also reported on prices in major metropolitan markets in Florida, where West Palm Beach-Boca Raton recorded the highest prices with an average of $3.45 per gallon, followed by Gainesville ($3.37) and Panama City ($3.14).
In contrast, the areas with the lowest prices include Crestview-Fort Walton Beach ($3.02), Pensacola ($3.06), and Panama City ($3.06).
Impact of Falling Gas Prices in Florida
The following questions and answers provide further insights into the implications of the recent drop in gas prices in Florida.
Why have gas prices in Florida decreased recently?
Gas prices have decreased due to a significant drop in oil prices, which has reduced production costs for gasoline.
How much have gas prices fallen in Florida?
Gas prices have fallen an average of 15 cents per gallon across Florida.
What is the current average price of gas in Florida?
The current average price of gas in Florida is $3.16 per gallon.
Which areas in Florida have the highest gas prices?
West Palm Beach-Boca Raton records the highest gas prices, averaging $3.45 per gallon.
Are gas prices expected to continue falling?
Yes, according to AAA spokesperson Mark Jenkins, gas prices are likely to continue decreasing as oil prices remain low.