Florida gas prices are continuing their downward slide in response to falling oil prices. As of Sunday, the average price in the state was $3.11 per gallon, the lowest it’s been since January 23rd of this year.
AAA spokesperson Mark Jenkins suggests that this trend could lead to prices dropping below $3 a gallon before October. “It has been 237 days since Florida gas prices were below $3 a gallon, but that streak could come to an end soon,” Jenkins stated.
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The decline in oil prices is attributed to global economic concerns and the anticipation of global fuel supplies surpassing demand. Currently, more than a quarter of Florida gas stations are already selling gas for under $3 a gallon.
While the U.S. price of crude oil recently dipped to its lowest point since December 2021, it has since rebounded slightly due to concerns about Hurricane Francine. Despite this, oil prices remain significantly lower than they were at any point earlier this year.
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The connection between crude oil prices and gasoline prices is clear, with the former influencing about half the cost of the latter. As oil prices continue to fluctuate, Florida drivers can expect to see further changes at the pump in the coming weeks.
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