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Florida gas prices have their largest decline in the last six weeks

Sign shows gas price at $3.92 a gallon
Carl Lisciandrello
/
WUSF Public Media
The price of a gallon of gas has fallen below $4 a gallon in some areas.

Some locations across the greater Tampa Bay region are now seeing gas below $4 a gallon.

Last week, gas prices across Florida had their largest decline in the last six weeks.

According to AAA, the average price of a gallon of gas fell an average of 17 cents, and as of Monday morning it's dropped another two cents, to $4.08 a gallon.

Some places are paying below $4.

It's also 81 cents less than the record of $4.89 a gallon set in mid-June, and AAA says the average prices could fall below $4 a gallon for the first time since early March.

Mark Jenkins, spokesman for AAA, says decreased demand across the world has contributed to the cheaper prices, along with the European Union loosening sanctions against Russia.

"Gas prices continue their downward march, after another week of losses in the oil market and underwhelming gasoline demand figures," Jenkins said in a news release. "News out of the European Union helped to ease global supply concerns. The EU has reportedly loosened sanctions, allowing Russian state-owned companies to deliver fuel, in effort to help boost supplies. The lower price of crude lowers the cost of producing gasoline.

"Meanwhile, gas prices are under additional downward pressure due to a pullback in gasoline demand. The latest readings from the EIA put gasoline demand at 5%-10% below year-ago levels. This has those in the market believing that Americans are changing their driving habits to offset rising gas prices. Those prices at the pump are moving lower as a result."

As of Monday, drivers across the greater Tampa Bay region were paying just under $4.06 a gallon.

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