Falling oil prices cause for the trend, experts say
How about some gas at under $3 per gallon? It could be coming soon, and you may not have to fill up the tank at a wholesale club to do it.
Florida gas prices continue their downward march in response to falling oil prices. On Monday, Florida's average price was $3.10 per gallon. That's the lowest daily average price since January 23, 2024. The state average was last under $3 ($2.988) on Jan. 22.
"It has been 237 days since Florida gas prices were below $3 a gallon, but that streak could come to an end soon," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Oil prices suffered big losses in recent weeks, due to global economic concerns and the belief that global fuel supplies could begin to outpace demand. This could enable the state average to fall below $3 a gallon before October."
More than a quarter of Florida gas stations already have pump prices below $3 a gallon, and locally it can be found with a "$2" out front at Costco/Sam's/BJ's Wholesale type places. The Osceola County average is at $3.08 per gallon, which is down a nickel from last week, nearly a quarter from last month and down from $3.66 per gallon this time last year and $4.89 in June 2022.
Last week, the U.S. price of crude slipped to $65.75 per ballon, which is the lowest since December 2021. Friday it edged back up to $68.65, due to concerns about Hurricane Francine affecting Gulf of Mexico oil production rigs. Despite that increase, oil remains well below what we've at any time this year prior to September, AAA said.
The price of crude oil influences about half of the price of gasoline. In April, Florida gas prices reached their 2024 high of $3.64 per gallon. At that same time, the U.S. price of oil was $86.91 per barrel. As a rule of thumb, a dollar shift in crude, is equivalent to about a 2.5 cent move in gas prices.
