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Economy / Business

Gas prices are dropping across Florida, and this trend could continue in the coming weeks

Close-up of a gas pump
Carl Lisciandrello
/
WUSF Public Media
Gas prices across Florida have fallen 20 cents in the last week, and if this trend continues, motorists could see an additional drop of as much as 25 cents in the coming weeks.

The average price of a gallon of gas has fallen 20 cents in the last week.

Gas prices across Florida have fallen 20 cents in the last week, and if this trend continues, motorists could see an additional drop of as much as 25 cents in the coming weeks.

In a Monday press release, AAA said the global price of oil has dropped sharply, and that's resulted in prices falling for nine straight days.

The average price of a gallon of gas across the state was $4.18 as of Sunday. That's down from the record price of $4.38 as of two weeks ago.

AAA attributes to drop largely to decreased demand over concerns about a possible COVID outbreak in China.

"The oil market remains extremely volatile, after seeing big swings in both directions during the past few weeks," AAA spokesman Mark Jenkins said in a press release. "Last weekend, oil prices dropped on demand concerns regarding a COVID outbreak in China, which resulted in lockdowns. By the end of the week, oil prices charged higher again as global crude supply concerns — regarding the fallout from the Russia-Ukraine conflict — moved back to the forefront.

"Fortunately, oil prices are well below the high we saw more than a week ago. This should enable gas prices to slip lower this week, unless oil suddenly spikes again."

If this trend continues, AAA says prices could drop an additional 25 cents a gallon, although the price of oil was trading higher on Monday. That could erase around 5-10 cents from the potential 25-cent drop.

Drivers across the greater Tampa Bay region are paying just under $4.15 a gallon, according to AAA.

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