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AAA: Florida gas prices drop for third week, but downward trend could soon end
Florida gas prices declined for a third consecutive week with the state average falling 24 cents per gallon since mid-August, AAA reported Monday.
Economy
Florida gas prices declined for a third consecutive week with the state average falling 24 cents per gallon since mid-August, AAA reported Monday.
According to AAA, the state average was $3.61 per gallon on Sunday – 8 cents lower than a week prior and 24 cents lower than this year’s highest daily price of $3.85 per gallon, which was set on Aug. 17.
“Winter gasoline has moved into the market, enabling gas prices to move lower,” said Mark Jenkins, spokesman, AAA - The Auto Club Group. “Unfortunately, the downward trend may end soon. Futures prices have strengthened in the fuel market, which should reapply upward pressure on prices at the pump.”
According to AAA, the U.S. price of oil increased through August and early September.
“The increase has mostly been driven by concerns that OPEC’s decision to extend oil production cuts would further tighten global fuel supplies,” a news release from AAA stated. “U.S. oil prices closed at $87.51 per barrel on Friday. That’s almost a 20% increase throughout the past two months. Gasoline futures have not increased as dramatically. After dropping 19 cents last week, gasoline futures regained about 6 cents per gallon - which could be an indication of where retail prices go in the coming week.”
The most expensive metro markets are currently West Palm Beach-Boca Raton ($3.79), Naples ($3.76), and Gainesville ($3.72).
The least expensive metro markets are Pensacola ($3.42), Crestview-Fort Walton Beach ($3.43), and Panama City ($3.49).