Florida gas prices drop 7 cents last week, expected to decline further

Prices are expected to continuously decrease

Generic photo of a gas pump (Pixabay)

ORLANDO, Fla. – Gas prices in Florida dropped by 7 cents within the past week and are expected to decline even further, according to an AAA news release.

Florida gas prices averaged $3.50 per gallon on Sunday, decreasing 8 cents from this year’s record high price of $3.58 per gallon. The state reached a low price of $3.24 per gallon this year as well.

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“Pump prices are moving lower again after a sharp drop in the oil and gasoline futures markets,” AAA spokesman Mark Jenkins said in a news release. “Oil prices are 10% lower than two weeks ago. Meanwhile, wholesale gasoline prices have fallen almost 40 cents.

The substantial decline can be attributed to both domestic and global factors. The European Union had agreed on Friday to place a price gap of $100 per barrel on Russian oil.

Within the United States, there is a possibility strong job reports noted from the month of January may cause the Federal Reserve to pass higher interest rates.

If passed, fuel demand could lessen.

“Unless the market suddenly rebounds, drivers could see gas prices drop another 5-15 cents this week,” Jenkins said.

Regional prices across state

  • Most expensive metro markets – West Palm Beach-Boca Raton ($3.70), Naples ($3.59), Fort Lauderdale ($3.57)
  • Least expensive metro markets – Crestview-Fort Walton Beach ($3.25), Panama City ($3.26), Pensacola ($3.33)

Ways to save on gasoline

  • Combine errands to limit driving time.
  • Shop around for the best gas prices in your community.
  • Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
  • Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2%.
  • Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.

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Ariadna, who attends UCF, joined ClickOrlando.com in January.