Florida Gas Prices Drop Below $3 A Gallon

ORLANDO, Florida - The national average for a gallon of gas is on a downward trajectory, providing relief to Florida drivers as prices shed four cents since last week, settling at $3.20. 

AAA said in a press release that the primary factor behind this decline is the weakened cost of oil, struggling to maintain a position above $70 per barrel. 

Andrew Gross, AAA spokesperson, highlighted the historical trend, stating, “Crude oil tends to drop nearly 30 percent from late September into early winter, with gasoline prices following suit. More than half of all U.S. fuel locations now offer gasoline below $3 per gallon. By the end of the year, the national average may dip that low as well.”

In Florida, the decrease in gas prices aligns with the national trend, with a drop of 10 cents since last Thursday. 

According to AAA, the average price for gas in Florida is $2.987 a gallon for regular unleaded gasoline, down from $3.163 a gallon last year.

This places the Sunshine State among the top 10 states experiencing the most significant decreases in their averages. Other states on this list include Colorado (−12 cents), Utah (−11 cents), Idaho (−11 cents), California (−10 cents), Indiana (−10 cents), New Mexico (−9 cents), Arizona (−8 cents), Kentucky (−8 cents), and Nevada (−8 cents).

Recent data from the Energy Information Administration (EIA) reveals a slight increase in gas demand, rising from 8.21 to 8.47 million barrels per day last week. Concurrently, total domestic gasoline stocks experienced a significant uptick, increasing by 5.4 million barrels to reach 223.6 million barrels. Despite the modest uptick in gas demand, the substantial growth in supply has played a crucial role in pushing pump prices lower. If oil prices continue to remain subdued, Florida drivers can anticipate further relief at the pump throughout the holiday season.