Economy

Florida Gas Prices Down 11 Cents in Last Week

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Fuel prices in the state of Florida saw an 11 cent drop over the past week according to a new analysis from AAA. At a new $3.28 average, prices are the lowest they've been since Halloween.

According to AAA spokesman Mark Jenkins, this drop is largely attributable to a downshift in oil prices. Motorists have reason to be hopeful the price dip could continue to below $3.20 in a week's time.

Also contributing to this trend is the ongoing COVID-19 crisis in China, which fuels speculation of a lower global demand for gasoline. The most expensive markets for gasoline in Florida are West Palm Beach, Gainesville, and Naples, which are still seeing prices around $3.45 a gallon. The cheapest markets are Pensacola, Crestview, and Panama City, which are close to dipping below three dollars.

In a broader examination, costs are now cheaper than they were one year ago both in Florida and at the national level. The state fuel prices are moderately cheaper than the national average: $3.28 compared to $3.41. The Daytona Beach area currently has prices of $3.22 on average, slightly below the state figure.

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