Florida gas prices drop for third consecutive week, but AAA says rebound is possible
Florida’s average gasoline prices dropped by 10 cents over the last week, a sign that points to relief for drivers who have been paying upwards of $70 to fill a 15-gallon tank.
The drop following the Independence Day holiday marks the third week in a row gas prices have fallen for a total of a 35-cent decline, according to the weekly briefing by AAA-The Auto Club Group. The average price across the Sunshine State Wednesday was $4.54 a gallon.
AAA: Check out the average gas prices in Florida
Last week's gas prices:Florida gas prices highest in July 4th holiday history despite 14 cent drop
The steady declines are linked to falling crude oil prices and instability in the global economic forecast, said AAA spokesman Mark Jenkins, but they could be short-lived. Gasoline is refined from crude oil, making its market price a major factor of cost passed on to motorists.
"Gas prices are being dragged lower by falling crude oil prices, which suffered steep losses Tuesday, on worries of a global economic slowdown," Jenkins said in his weekly briefing. "If these futures price drops hold, drivers could see Florida gas prices drift back below $4.10 per gallon. However, this is still an extremely volatile fuel market, and we've seen oil prices rebound so many times in the past several months."
Crude oil prices dropped below $100 a barrel for the first time in eight weeks on Tuesday, settling at $99.50.
Despite the drop in prices, drivers over the holiday weekend saw the highest July 4 prices ever. Average prices hovered at $4.55 a gallon, nearly 50 cents more than the previous high price set on July 4, 2008.
Gas at a glance
- Most expensive metro markets – West Palm Beach-Boca Raton ($4.72), Naples ($4.64), Miami ($4.63)
- Least expensive metro markets – Crestview-Fort Walton Beach ($4.38), Panama City ($4.43), Melbourne-Titusville ($4.44)
- Capital city market - Tallahassee ($4.48)
- Daily gas price averages can be found at Gasprices.aaa.com
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