Florida gas prices falling after crude price plunge

Tampa, Florida — Florida gas prices downward trend is likely to continue this week. Sunday’s state average has slipped to $3.30 per gallon, after declining 4 cents during the past week.

After concerns about how the omicron variant could impact global fuel demand, crude oil prices plummeted after Thanksgiving.

The price of US crude dropped 13% after Thanksgiving and remained down all last week.

Friday’s closing price of $66.26 per barrel is 15% below the price on the Wednesday before Thanksgiving.

It’s also 21% below the 2021 high of $84.15/b – which was recorded nearly four weeks ago.

“An oil price drop of that magnitude, if sustained, could potentially drive the state average back below $3 a gallon,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “But it won’t happen overnight. Florida pump prices are falling at a rate of 1-cent a day. Unless that rate accelerates, it could take a few more weeks before pump prices fully adjust.”

AAA’s year-end travel forecast will be released on Tuesday, December 14.

Regional Prices:

• Most expensive metro markets – West Palm Beach-Boca Raton ($3.48), Naples ($3.37), Fort Lauderdale ($3.35)

• Least expensive metro markets – Crestview-Fort Walton Beach ($3.17), The Villages ($3.19), Pensacola ($3.23)