Florida Gas Prices Drop 17 Cents To 3-Month Lows: AAA

FLORIDA — Florida gas prices dropped an average of 17 cents per gallon last week. It was the largest weekly decline since gas prices began falling six weeks ago, AAA reported.

The state average has now declined a total of 79 cents per gallon, since setting a new record high of $4.89/g in mid-June. On Sunday, the state average was $4.10 per gallon, yet drivers are finding pump prices well below $4 a gallon in some regions.

At the rate pump prices are declining, AAA officials said the state average could slip below $4 a gallon this week, for the first time since March 6.

The cost to fill an average 15-gallon tank of gas has declined nearly $12 since mid-June. When prices were at their peak, it cost an average of $73 for a fill-up. Now, it’s about $61.50, AAA said.

"Gas prices continue their downward march, after another week of losses in the oil market and underwhelming gasoline demand figures," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "News out of the European Union helped to ease global supply concerns. The EU has reportedly loosened sanctions, allowing Russian state-owned companies to deliver fuel, in effort to help boost supplies. The lower price of crude lowers the cost of producing gasoline."

"Meanwhile, gas prices are under additional downward pressure due to a pullback in gasoline demand. The latest readings from the EIA put gasoline demand at 5%-10% below year-ago levels. This has those in the market believing that Americans are changing their driving habits to offset rising gas prices. Those prices at the pump are moving lower as a result."

The U.S. price for crude oil settled at $94.70 per barrel on Friday. That’s $2.89 (3%) less than the week before.