Floridians Could See Gas Fall Below $4 A Gallon By The End Of April

FLORIDA — Floridians continue to pay more than $4 per gallon at the gas tank as of Monday after oil prices have begun to drop, according to AAA.

About a week ago, Florida gas prices increased 13 cents making the state average reach $4.24 per gallon Tuesday, and then the prices began to decline. The state average gas price was $4.17 per gallon on Sunday-5 cents more than this time last week; 55 cents more than last month, and $1.32 more per gallon more than this time during 2021, according to AAA.

Gas is 68 cents more than what drivers paid before Russian invaded Ukraine.

During the past five days, Florida gas prices have dropped 7 cents, and drivers could see a downward trend continue this week, unless oil prices rebound, AAA said.

"Gas prices are drifting lower now that oil prices are declining again," Mark Jenkins, AAA spokesperson, said."The price of oil dropped last week after President Biden announced plans to release 1 million barrels per day from the U.S. Strategic Petroleum Reserve, in effort to ease global supply concerns. The downward pressure was compounded by news that other countries are considering similar action. The oil price drop could enable gas prices to fall back below $4 a gallon in the next couple of weeks. That is unless something causes oil prices to rebound this week."

The U.S. price of oil dropped 13 percent last week. Friday's settlement of $99.27 per barrel was $14.63/b less than the week before. It's also $24.43 per barrel less than this year's high of $123.70/b, AAA reported.

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