Florida gas prices down more than $1 since mid-June

Gas prices fall 14 cents from a week ago

Florida gas prices have fallen for the eighth week, coming down more than $1 since mid-June, AAA reported Monday.

According to AAA’s latest figures, gas prices in the Sunshine State fell 14 cents from a week ago and the state average is now $3.79 per gallon -- the lowest daily average since March 4.

AAA reports that the state average has declined $1.10 per gallon since setting a record high of $4.89 on June 13.

It now costs about $57 to fill up an average 15-gallon tank -- $16.50 less than what drivers were paying two months ago.

“Falling oil prices and drooping gasoline demand has paved the way for the recent pump price plunge,” said Mark Jenkins, spokesman, AAA - The Auto Club Group. “The downturn should continue this week, after another round of big losses in both oil and gasoline futures markets.”

According to a AAA news release, “the downturn in oil prices has largely been driven by market concerns that the global economy is heading for a recession.”

“The fuel market seems to be locked in bearish territory,” Jenkins said. “Florida drivers in some markets are beginning to find gas prices in the $3.60s, if not lower. The state average could very easily drop to that price point in the next week or two. However, it’s worth remembering that the fuel market has proven to be extremely volatile this year, and trends can change rather quickly if something reignites concerns about fuel supplies.”

The most expensive metro markets are currently West Palm Beach-Boca Raton ($4.00), Naples ($3.96) and Miami ($3.89).

The least expensive metro markets are Crestview-Fort Walton Beach ($3.56), The Villages ($3.64) and Panama City ($3.65).

About the Author:

Amanda Batchelor is the Digital Executive Producer for Local10.com.