Florida's gas prices continue to decline as crude markets fluctuate
Florida’s gas prices dropped by 4 cents over the last week, an indicator that decreases in crude oil prices may also be driving down the cost at the pump.
The average price per gallon in the Sunshine State dropped to $3.30, a trend likely to continue, according to the AAA-Auto Club Group's weekly gas prices briefing.
This week’s drop comes after skyrocketing prices throughout the past year that drove gasoline costs to eight-year highs.
Last week's gas prices: Floridians could see double-digit price drops at the pump in coming weeks
OnPolitics: White House fights soaring gas prices
Since Thanksgiving, U.S. crude oil prices have dropped by 15%, as fears waned over the impact of the omicron variant of the coronavirus on global prices.
Oil prices closed at $66.26 a barrel, about 21% lower than this year’s high, which was $88.15 a barrel in early November.
"An oil price drop of that magnitude, if sustained, could potentially drive the state average back below $3 a gallon," AAA spokesman Mark Jenkins said. "But it won't happen overnight.
"Florida pump prices are falling at a rate of 1 cent a day," he added. "Unless that rate accelerates, it could take a few more weeks before pump prices fully adjust."
Regional Prices
Most expensive metro markets – West Palm Beach-Boca Raton ($3.48), Naples ($3.37), Fort Lauderdale ($3.35).
Least expensive metro markets – Crestview-Fort Walton Beach ($3.17), The Villages ($3.19), Pensacola ($3.23).
Daily gas price averages can be found at Gasprices.aaa.com.
Contact Karl Etters at ketters@tallahassee.com or @KarlEtters on Twitter.
Never miss a story: Subscribe to the Tallahassee Democrat using the link at the top of the page.
This article originally appeared on Tallahassee Democrat: Florida's gas prices drop 4 cents as crude oil markets fluctuate
