AAA: Big drop in crude oil costs is causing lower prices at Florida gas pumps

Florida gasoline prices are dropping fast after a big drop in the crude oil market, with the price per barrel there falling last week to its lowest level since June 2023, according to the AAA-The Auto Club Group weekly gas price briefing.

The crude price plunge reportedly has been driven by concerns about both the U.S. and international economies and the belief that global oil supplies could outpace global fuel demand by the end of the year, group spokesperson Mark Jenkins said.

"Declining oil prices lower the cost of producing gasoline," Jenkins said. So, "unless oil prices reverse course, gas prices should move even lower. Currently about 23% of Florida retailers have prices below $3 a gallon. That number is likely to grow this week."

On Sunday, prices for regular gas in Florida averaged $3.16 per gallon – the lowest daily average price since Feb. 12 of this year. Sunday's statewide average is 15 cents less than last week, 24 cents than last month and 47 cents less than this time last year.

On Friday, domestic oil prices settled at $67.67 per barrel, or $6 less than last week.

What are prices for regular gas in Florida?

∎ Most expensive metro markets – West Palm Beach-Boca Raton ($3.35), Naples ($3.33), Gainesville ($3.29).

∎ Least expensive metro markets – Crestview-Fort Walton Beach ($2.88), Pensacola ($2.95), Panama City ($2.95).

∎ Capital region market – Tallahassee ($3.18).

∎ State and metro averages can be found here.

∎ Daily gas price averages can be found at Gasprices.AAA.com.

Arianna Otero is the City Solutions Reporter for the Tallahassee Democrat. Contact her via email at AOtero@tallahassee.com or on Twitter/X: @ari_v_otero.

This article originally appeared on Tallahassee Democrat: Drop in crude oil costs causes cheaper gas in Florida, AAA says