TALLAHASSEE, Fla. – Gasoline prices in Florida continue to decline amid global jitters over oil demand and a surge in output from US oil refineries.
According to data released by the AAA auto club Monday, the average gallon of gasoline in Florida was selling for $3.27, the lowest price since the price was $3.22 a gallon on Oct. 6, when the state tax on month-long gasoline was “vacation.” it started.
The tax break, which raised 25.3 cents per gallon of fuel, ended Oct. 31.
“Gas prices in Florida have plunged 30 cents in the past three weeks, due to low oil prices and strong gasoline supplies,” AAA spokesman Mark Jenkins said in a news release Monday. . “Downside momentum should continue this week. Unless fundamentals change, the state average could drop below $3.20 per gallon by next weekend.”
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The highest average is still in the West Palm Beach market, at $3.50 a gallon on Sunday. Other highs are in Gainesville, at $3.45 a gallon; Naples, at $3.41 per gallon; and Miami, at $3.36.
The lowest averages remain in Northwest Florida, with the Pensacola region at $3.01 a gallon and Panama City at $3.02.
Meanwhile, Orlando is at $3.23 a gallon, Tampa at $3.26 and Jacksonville at $3.27.
The state average, which was $3.30 a gallon a year ago, has been in slow decline for 25 consecutive days, one day less than the length of time the national average has fallen.
The national mark stood at $3.40 a gallon on Monday.
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In addition, AAA noted that while the price of crude oil in the United States rose 5 percent over the past week, the cost is 15 percent lower than three weeks ago.
The decline is partly attributed to an increase in output from US oil refineries.
AAA credited the COVID-19 lockdowns in China, which have resulted in reduced consumption, for keeping global pressure on oil prices low.
Another factor is that this year’s Atlantic hurricane season, which ended on November 30, had little impact on oil refineries in the Gulf of Mexico.
“The 2022 hurricane season is over. Thankfully it was fairly limited in terms of its impact on oil and refining operations, we couldn’t afford any downtime and luckily we got away without much,” Patrick De Haan tweeted. head of oil analysis with the GasBuddy fuel economy app.
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De Haan, who tweeted last week that he hoped the national average could drop below $3 a gallon by Christmas, noted Sunday that 11 states have average gas prices below $3.
And while the highest prices remain along the Pacific coast, the region has seen the biggest price drop in recent weeks.