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Economy / Business

Florida gas returning to $3 a gallon? It could happen as prices continue to fall

Close-up of gas pump
Carl Lisciandrello
/
WUSF Public Media
The average for a gallon of gas dropped to $3.30 across the state last week, after declining 4 cents the previous week.

According to AAA, the drop in gas prices is due to concerns over how the omicron variant will affect demand.

Florida motorists could once again see gas prices drop below $3 a gallon.

According to a release from AAA, the price of crude oil has continued to fall after Thanksgiving over concerns about how the omicron variant would affect fuel demand.

It has dropped 21% below the yearly high nearly four weeks ago, according to AAA.

That decline is reflected at the gas pump, as the average for a gallon of gas dropped to $3.30 across the state last week, after declining 4 cents the previous week.

Prices at the pump are slowly — but gradually — dropping, AAA says. At the current rate, the price of gas could return to $3 a gallon.

"An oil price drop of that magnitude, if sustained, could potentially drive the state average back below $3 a gallon," AAA spokesman Mark Jenkins said in the release.

"But it won't happen overnight. Florida pump prices are falling at a rate of 1 cent a day. Unless that rate accelerates, it could take a few more weeks before pump prices fully adjust."

Motorists are now paying an average of $3.28 in the greater Tampa Bay region.

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