FL Gas Prices Drop To Lowest Since January: AAA

FLORIDA — As gas prices continue to drop across Florida, Sunday’s average price per gallon of $3.11 was at its lowest since January, according to a news release from AAA - The Auto Club Group.

The lowest state average price of the year was $2.988 on Jan. 22.

"It has been 237 days since Florida gas prices were below $3 a gallon, but that streak could come to an end soon," Mark Jenkins, the organization’s spokesperson, said. "Oil prices suffered big losses in recent weeks, due to global economic concerns and the belief that global fuel supplies could begin to outpace demand. This could enable the state average to fall below $3 a gallon before October."

More than a quarter of Florida gas stations have pump prices below $3 a gallon Monday, AAA said.

The lowest 10 percent of unleaded gasoline prices averaged $2.82 per gallon. The highest 10 percent of regular unleaded gas prices averaged $3.47 per gallon.

The most expensive metro markets in Florida are West Palm Beach-Boca Raton ($3.29), Naples ($3.23), Gainesville ($3.21).

The least expensive metro markets are Crestview-Fort Walton Beach ($2.79), Pensacola ($2.84), Panama City ($2.86).

Last week, the U.S. price of crude slipped to $65.75 per barrel, which is the lowest since December 2021. By Friday, oil was up to $68.65 per barrel, though, because of concerns about Hurricane Francine. Despite that increase, oil remains well below any prices seen this year prior to September, AAA said.

The price of crude oil influences about half of the price of gasoline, the organization added. In April, Florida gas prices reached their 2024 high of $3.64 per gallon. At that same time, the U.S. price of oil was $86.91 per barrel. On Friday, the price of crude settled at $68.65 per barrel.

“As a rule of thumb, a dollar shift in crude, is equivalent to about a 2.5 cent move in gas prices,” AAA said.