Florida's trend of declining gas prices continues
Prices at the gas pump took another dip last week.
According to a news release from AAA, the average price of a gallon of gas dropped for the third straight week, to $3.29 a gallon.
That's 9 cents lower than the previous week, and 28 cents since late January.
It's also well below this year's high of $3.58 a gallon.
Mark Jenkins, spokesman for AAA, attributes the drop to concerns over potential interest rate hikes to address inflation.
"The fuel market is on a downward trend due to a combination of rising global oil supplies and renewed concerns that the U.S. Federal Reserve will pass another interest rate hike in effort to curb inflation," Jenkins said. "This has already been a volatile year for prices at the pump, and that's likely to continue in the coming months.
"Gas prices normally increase in the spring as Americans take road trips, which drives up fuel demand. At the same time, refineries conduct springtime maintenance and begin making summer gasoline, which is more expensive to produce."
AAA says prices should fall again this week, to coincide with a drop in oil and gas futures prices.
Motorists across the greater Tampa Bay region are paying an average of $3.25 a gallon.