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Florida gas prices are trending downward

Close-up of gas pump
Carl Lisciandrello
/
WUSF Public Media
According to a release from AAA, the average price of a gallon of gas is $3.50 a gallon. That's 7 cents lower than last week, and 8 cents below the high for this year.

The average price of a gallon of gas fell 7 cents last week, and could drop another 15 cents, according to AAA.

Florida motorists saw a sharp drop in gas prices last week.

According to a release from AAA, the average price of a gallon of gas is $3.50 a gallon.

That's 7 cents lower than last week, and 8 cents below the high for this year.

It's also only 3 cents more than this time last week.

Mark Jenkins, spokesman for AAA, says motorists could see additional savings after the European Union imposed a price cap on Russian oil, along with Federal Reserve possibly raising interest rates once again following a strong January jobs report, which could lower fuel demand.

"Pump prices are moving lower again after a sharp drop in the oil and gasoline futures markets," Jenkins said in the release. "Oil prices are 10% lower than two weeks ago. Meanwhile, wholesale gasoline prices have fallen almost 40 cents.

"Unless the market suddenly rebounds, drivers could see gas prices drop another 5-15 cents this week."

Motorists across the greater Tampa Bay region are paying $3.47 a gallon.

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