AAA: Florida Gas Prices Drop Seven Cents

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Daytona Beach, FL - The latest gas report from AAA shows that Florida prices declined seven cents over the weekend.

In fact, the state average has declined the past nine days for a total decline of eight cents.

Yesterday's (May 12th) average of $2.71 per gallon (regular unleaded) is seven cents less than a week ago, eight cents less than a month ago and nearly 10 cents less than this time last year.

Year-to-date, the state has averaged $2.48 per gallon, 11 cents less than the same period last year.

"Stabilizing fuel supplies and lower crude oil prices are leading to cheaper prices at the pump," said Mark Jenkins, spokesman for AAA. "Recent declines in wholesale gasoline should allow the state average to slip another 5 cents or more in the next week or two."

However, Jenkins said that May is a volatile month for gasoline and motorists shouldn't be surprised if prices rise again before Memorial Day.

The price of crude oil also held relatively steady throughout last week, averaging $61.83 per barrel; almost a dollar less than a week before.

Friday's (May 10th) daily settlement of $61.66 per barrel is nearly $5 less than this year's high, which was set two weeks ago.

Meanwhile, gasoline futures dropped around four cents on the NYMEX (New York Mercantile Exchange). Wholesale gasoline has declined nearly 10 cents in the past two weeks, which lowers the cost for retailers to purchase fuel.

Locally, Volusia drivers are seeing average prices hovering around $2.72 per gallon (regular unleaded, which is six cents less than last week's average, according to the current AAA gas report.

Flagler drivers are seeing averages around $2.71 per gallon, which is on par with the current state average.

Right now the highest average price seen in the state is in West Palm Beach-Boca Raton at $2.78 per gallon, while Punta Gorda sits the lowest with an average of $2.63 a gallon.

The current national average is $2.86, 15 cents higher than Florida.

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