Florida gas prices could drop below $3 a gallon in October

Gas prices have been steadily declining across the country for ten weeks straight, though here in Florida we saw an eight-cent jump this week.

AAA is predicting prices will likely stay on a downward trend in the near future — and here in Florida, prices below $3 a gallon could be on the horizon.

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Oil futures have tanked since we saw gas prices peak at over $5 a gallon this summer.

On Tuesday, gas prices sat at $3.64 a gallon at the Busy Bee in Live Oak, a popular stop for travelers in North Florida.

Melody Warren topped off her tank on her way from Oak Hill to her home in Panama City Beach.

Even with gas prices down, she said she’s still feeling pinched at the pump.

“I’ve stopped buying as much meat, you know, for myself and other food,” said Warren.

Warren also said the spike in gas caused her to drive less.

AAA’s Mark Jenkins explained that’s a big reason why we’ve seen gas prices decline so drastically over the past few months.

“As we moved through the summer months, you started seeing some implied demand numbers coming in that suggested that price had reached a level where they may have forced Americans to change their driving habits. So prices have begun dropping back down again,” said Jenkins.

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And Jenkins predicted we’re likely to see that trend continue.

“We are approaching sort of the tail end of the summer driving season. So, I think that in the fuel market they’re anticipating demand to start tapering off and the refineries are also preparing for that switch to the less expensive winter gasoline blend, which happens during September. And so because of that you typically see gas prices decline as well,” said Jenkins.

Jenkins said if all goes well, there’s a chance we here in Florida could see gas under $3 a gallon within a month.

Mike Palmer also fueled up for $3.64 a gallon at the Busy Bee on his way from Pensacola to Jacksonville.

We asked him what he would say about gas prices in the $2 range.

“I’d say thank you,” said Palmer.

Jenkins said when the October gas tax holiday kicks in, the state’s average gas price could drop below $3 a gallon for the first time since June of 2021.

“If you move into October and prices are still at this level, you add another 26-cent drop to that and we certainly could see gas prices back below $3 a gallon soon,” said Jenkins.

Warren was a bit suspicious of the holiday’s timing.

“Well, the election’s coming up so, sure,” said Warren.

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The decision to set the tax holiday for October has been criticized as an election gimmick by Florida Democrats, who argued the relief should have been longer and started earlier.

At a press event in Live Oak Tuesday, we asked Governor Ron DeSantis what he would say to Floridians who would have liked to see the relief over the summer.

“I would remind people, I’m the only one that’s delivered a fuel tax holiday. Biden never cut the federal thing, Congress never did anything,” said DeSantis.

DeSantis also noted he had initially proposed a five-month gas tax holiday that would have included some summer months, but the October-only plan was a compromise with state lawmakers.

Unlike AAA, DeSantis predicts gas prices will spike again before year’s end.

“And here’s the thing, they’re not doing anything to really address the supply. They’re not changing policies on that, you have a lot of turmoil around the world and I think it’s something that’s going to continue to be problematic,” said DeSantis.

AAA points to the overall reduction in oil futures over the past few months as a sign that prices will continue to drop, but oil futures have been trending upwards since mid-August.

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