In the state of Florida, gas prices sank to their lowest levels in three months. On Sunday, statewide pump prices averaged $3.33 per gallon, after declining 15 cents last week.
Florida's gas prices have mostly been on a downward trend through the past four weeks. During that time, the state average fell from $3.69 to $3.33 per gallon, industry experts said early Monday.
"The discount at the pump has largely been driven by falling oil prices," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "However, the downward trend could stall soon. Ongoing geopolitical tensions allowed oil prices to regain some strength last week, though they remain below price levels we saw three weeks ago."
The U.S. price of crude oil settled at $87.69 per barrel Friday. That's $4.90 per barrel (6%) more than the week before, but well below the $93 highs seen in late September. The increase came after The Group of Seven (G7) announced plans to provide financial assistance to Ukraine by tightening sanctions against Russia. The market is also uneasy about the Israel-Gaza conflict. On Sunday night, the price of oil was trending lower in overnight trading.
The Osceola County average of $3.26 is down 18 cents over the last week and 36 in the last month. And, overall the Orlando metro area price of $3.25 was among the cheapest, just behind Pensacola ($3.16) and Crestview-Fort Walton Beach ($3.19).
