Floridians got good news this week from AAA GasPrices site: our price at the pump is now the lowest since February, when it hit $3.30 per gallon. The state average has steadily declined the past 17 consecutive days, dropping a total of 25 cents during that time and 19 cents in the last nine days.
Florida's average gas price is now 15 cents less than a week ago, 22 cents less than a month ago, and 9 cents less than this time last year. Locally, the Osceola County average is at $3.19, about a dime less than the state average and a quarter less ($3.45) than the national average. Our prices locally are down 20 cents in the last week and 25 cents in the last month. We were paying, on average, $3.37 per gallon this time last year.
And, the trend keeps going down, AAA spokesperson Mark Jenkins says.
"Floridians and summer visitors will be pleasantly surprised when they go to fill up the gas tank this week," he said. "Gas prices are the lowest in several months because of weakness in the oil and gasoline futures markets."
Friday's closing price for crude oil was $75.53 per barrel; that prices ranged from $80-85 through March and April. Experts say fuel demand growth has been stalled a bit; attributed to a stronger dollar and better-than-expected U.S. employment data, which raised concerns that the Federal Reserve could delay an interest rate cut. According to new data from the Energy Information Administration (EIA), gas demand dipped from 9.14 b/d to 8.94 last week. Meanwhile, total domestic gasoline stocks jumped from 228.8 to 230.9 million bbl. Tepid gasoline demand, increasing supply, and falling oil costs will likely lead to falling pump prices.
“This drop in pump prices appears to have some sticking power for now,” said Andrew Gross, AAA spokesperson. “More states should see their averages dip below $3 a gallon in the coming weeks.”
At $2.97, Mississippi is currently the only state averaging under $3 per gallon, per AAA's stats. GasBuddy also shows OK, TX, AR, and LA falling below $3 as of Sunday.
