TAMPA, Fla. (WFLA) — After falling for the seventh-straight week, Florida gas prices are back below $4 per gallon for the first time in nearly five months, AAA reported.
Gas prices fell about 17 cents per gallon last week to average $3.93 per gallon on Sunday, the lowest price since March 5.
“After paying almost $5 a gallon just a couple months ago, Florida drivers are likely breathing a sigh of relief when seeing gas prices back below $4 a gallon,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “However, it’s too early to tell just how long these sub-$4 gas prices will hang around. Oil and gasoline futures prices made notable gains last week. This could cause falling gas prices to level out or potentially increase, but it’s too early to tell.”
In June, drivers were paying $73 to fill an average 15-gallon tank of gas. Now, they’re paying around $59.
According to AAA, the price of crude settled at $98.62 per barrel on Friday, up 4% from the previous week. Gasoline futures rose nearly 30 cents per gallon, the auto group said.
The price hikes come amid concerns a global recession and the potential of it driving down global fuel demand.
OPEC and its allies have decided to keep oil output the same for September, prompting concerns about supply.
On Sunday, the most expensive metro markets in Florida were West Palm Beach-Boca Raton ($4.18), Naples ($4.13), and Fort Lauderdale ($4.04). The least expensive were Crestview-Fort Walton Beach ($3.70), Melbourne-Titusville ($3.74) and The Villages ($3.75).
As of this writing, the average price of gas in Bradenton-Sarasota-Venice is $3.894 per gallon. In Tampa-St. Petersburg-Clearwater, it’s $3.889 per gallon. The current average in Sebring is $3.734 per gallon. In Lakeland-Winter Haven, it’s $3.854 per gallon.