Late summer drop adds up to $1.10 per gallon decline in Florida gas prices

The average price of gasoline fell another 14 cents per gallon in the past week, meaning the cost of gas now has declined $1.10 per gallon since the record high in June.

AAA — The Auto Club Group said the average price in Florida has dropped to $3.79 per gallon, the lowest average seen since early March. This week’s fall followed 17-cent drops each of the past two weeks.

“Falling oil prices and dropping gasoline demand has paved the way for the recent pump price plunge,” Mark Jenkins, spokesman for AAA, said in a news release. “The downturn should continue this week, after another round of big losses in both oil and gasoline futures markets.”

The U.S. price for crude oil fell to its lowest settlement price in six months last week, dipping below $90 per barrel. Friday’s closing price was 10% lower than the week before and 27% lower than in mid-June.

The downturn in oil prices has largely been driven by market concerns the global economy is heading for a recession, AAA cautioned.

The price drop accelerated last week after weekly EIA supply and demand numbers showed a large gain in domestic crude oil and gasoline supplies.

“The fuel market seems to be locked in bearish territory,” Jenkins said. “Florida drivers in some markets are beginning to find gas prices in the $3.60s, if not lower. The state average could very easily drop to that price point in the next week or two.”

“However,” Jenkins added, “it’s worth remembering that the fuel market has proven to be extremely volatile this year, and trends can change rather quickly if something reignites concerns about fuel supplies.”

AAA found Florida’s cheapest gas in the Crestview-Fort Walton Beach market, where it averaged $3.56 per gallon. The next-best prices were found in The Villages at $3.64; Panama City at $3.65; Pensacola and the Melbourne-Titusville market at $3.67; St. Petersburg at $3.71; Jacksonville at $3.72; Orlando at $3.73; and Tampa at $3.74.

The highest prices were again found in the West Palm Beach-Boca Raton market, $4.00 per gallon. That was followed by Naples at $3.96; Miami at $3.89; Fort Lauderdale and Gainesville at $3.86; Fort Myers at $3.81; and Tallahassee at $3.79.