Gas Prices in Florida Tumble

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Florida gas prices dropped another 15 cents last week. The state average is now on a 5-week streak of declines, falling a total of 62 cents per gallon. Sunday, the average price for gasoline was $4.27 per gallon. This time last year, the price was $3 a gallon.

On average it costs $64 to fill an average-sized 15-gallon tank of gas. That’s $9 less than what drivers paid when gas prices hit their peak of $4.89 in mid-June.

“For the first time in a couple months, drivers in some Florida cities are beginning to find pump prices below $4 a gallon,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Oil prices suffered significant drops last week, clearing the way for additional discounts at the pump. Drivers are likely relieved to get a break from record-high prices, and prices could get even cheaper this week. However, it’s important to remember that the market remains extremely volatile, and prices have the potential to bounce back. That particularly applies to hurricane season. If a major storm makes landfall along the gulf coast, impacting operations at refineries in Texas, Louisiana, or Mississippi, prices could spike, due to concerns about fuel supplies.”

Last week, the U.S. price of oil dropped nearly $10 a barrel, but recovered a couple bucks by the end of the week. Friday’s closing price of $97.59 per barrel is $7.20 per barrel (7%) less than the week before. That’s a far cry from where oil prices were a little more than a month ago. On June 8, the U.S. price of oil settled at a monthly high of 122.11/b. That drove the state average to a new record high of $4.89 per gallon. As a reminder, the price of oil accounts for about half the price of gasoline. When oil prices drop, so do gas prices.

Most expensive gas can be found in West Palm Beach-Boca Raton ($4.52), Naples ($4.51), Fort Lauderdale ($4.38). Least expensive markets in Florida are Sebring ($4.08), Crestview-Fort Walton Beach ($4.08), Melbourne-Titusville ($4.08)

 

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