Florida Gas Prices Dip Below $4 A Gallon: AAA

FLORIDA — Florida gas prices dropped an average of 17 cents per gallon last week, continuing what is now a 7-week streak of declines, AAA reports. The state average has now dropped a total of 96 cents per gallon since mid-June.

Additionally, the state average is back below $4 a gallon for the first time in nearly five months (March 6). On Sunday, the state average for regular unleaded was $3.93 per gallon. That’s the lowest daily average price since March 5th, according to AAA.

AAA officials said the average full tank of gas now costs about $14 less than it did when pump prices were at their peak in mid-June. At that time, when the state average was $4.89 per gallon, drivers paid $73 to fill an average 15-gallon tank of gas. Now, that same 15-gallon tank costs around $59.

"After paying almost $5 a gallon just a couple months ago, Florida drivers are likely breathing a sigh of relief when seeing gas prices back below $4 a gallon," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "However, it’s too early to tell just how long these sub-$4 gas prices will hang around. Oil and gasoline futures prices made notable gains last week. This could cause falling gas prices to level out or potentially increase, but it’s too early to tell."

According to AAA, the price for U.S. crude settled at $98.62 per barrel on Friday. That’s 4 percent more than the week before. Gasoline futures jumped nearly 30 cents per gallon. The price hikes came after OPEC and its allies - who have steadily raised fuel production rates on a monthly basis, decided to hold production at current levels in September.

While that adds to existing concerns about global fuel supplies, AAA said the market remains concerned about a global recession and the potential of it driving down global fuel demand.

To view Florida gas prices, click here.