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Florida gas prices dip to five month low

Florida gas prices drop to five month low
Florida gas prices drop to five month low 00:29

MIAMI - For the eighth consecutive week, Florida gas prices have fallen, they're down 15 cents from last week

As of Monday, the state average was $3.78 per gallon. That's the lowest daily average price since March 4th.

The state average has now declined a total of $1.11 per gallon since setting a new record high of $4.89 on June 13th.

In Miami on Monday, the average was $3.89 a gallon and Fort Lauderdale's average was $3.86.

Monday's national average was $4.06 a gallon.

"Falling oil prices and drooping gasoline demand have paved the way for the recent pump price plunge," said AAA spokesman Mark Jenkins. "The downturn should continue this week, after another round of big losses in both oil and gasoline futures markets."

The U.S. price for crude oil dipped below $90 per barrel last week, dropping to its lowest settlement price in 6-months.

The downturn in oil prices has largely been driven by market concerns that the global economy is heading for a recession. The price drop accelerated last week after weekly EIA supply and demand numbers showed a large gain in domestic crude oil and gasoline supplies. The same EIA report measured implied gasoline demand at nearly 13% below year ago levels - applying further downward pressure to prices at the pump.

"Florida drivers in some markets are beginning to find gas prices in the $3.60s, if not lower. The state average could very easily drop to that price point in the next week or two," said Jenkins. "However, it's worth remembering that the fuel market has proven to be extremely volatile this year, and trends can change rather quickly if something reignites concerns about fuel supplies."

Regional Prices
Most expensive metro markets -West Palm Beach-Boca Raton ($4.00), Naples ($3.96), Miami ($3.89)
Least expensive metro markets - Crestview-Fort Walton Beach ($3.56), The Villages ($3.64), Panama City ($3.65)

Florida Gas Price Overview
Monday's Avg. Price - $3.78 per gallon
Cost for a Full Tank - About $57 (15 gallons)
2022 High - $4.89 per gallon (6/13/22)
2021 High - $3.36 per gallon (Nov. 2021)
All-Time Record High - $4.89 per gallon (6/13/22)

Ways to Save on Gasoline

  • Combine errands to limit driving time.
  • Shop around for the best gas prices in your community.
  • Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
  • Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
  • Drive conservatively. Aggressive acceleration and speeding reduce fuel economy. 
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