Florida drivers are enjoying a small reprieve at the pump as gas prices have plummeted to their lowest levels since February.
The state average has steadily declined for 17 consecutive days, dropping a total of 25 cents per gallon.
After a gradual decline of about a penny a day for a week, discounts accelerated, resulting in a 19-cent drop over the past nine days. As of Sunday, the state average was $3.30 per gallon, the lowest since February 28th.
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This decrease means gas prices are currently 15 cents less than a week ago, 22 cents less than a month ago, and 9 cents less than the same time last year.
AAA spokesperson, Mark Jenkins, commented stating, “Floridians and summer visitors will be pleasantly surprised when they go to fill up the gas tank this week. Gas prices are the lowest in several months because of weakness in the oil and gasoline futures markets.”
This decline in gas prices can be attributed to several factors. U.S. oil prices, which had ranged between $80-85 per barrel throughout March and April, have dropped 6% in the past three weeks. This decrease has been linked to a stronger dollar, better-than-expected U.S. employment data, and the recent agreement between OPEC and its allies to relax voluntary output cuts.
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Oil analysts at OPIS predict that these factors, combined with concerns over a potential delay in an interest rate cut by the Federal Reserve, could further stall fuel demand growth and lead to even lower gas prices in the coming weeks.
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