Due to falling crude oil prices, gasoline prices in Florida fell 13 cents last week to $3.33 a gallon, the lowest since mid-June.
Motorists in Florida were pleased to see a drop in gasoline prices last week: The average price per gallon fell 13 cents to $3.33, the lowest price since mid-June.
The price drop was largely due to a decline in crude and gasoline futures, influenced by concerns about a possible global recession. In its weekly gas report, AAA Florida said crude oil prices had declined steadily for four weeks in a row, falling 13 percent. Last week, however, crude oil prices rebounded 5 percent to close at $76.84 a barrel, remaining below the mid-$80s range seen last month.
Market analysts attributed the rise to several factors, including a weaker dollar, speculation about a possible US interest rate cut in September and ongoing geopolitical concerns in the Middle East. In addition, a decline in US jobless claims contributed to renewed economic optimism, which could lead to a slight increase in gas prices in the coming days.
“Fuel prices had come under downward pressure due to concerns about a global recession. However, futures prices regained some ground last week due to renewed economic optimism, which could lead to a slight increase at the pump,” the AAA spokesman said. Mark Jenkins.
Despite the overall price decline, there were regional differences across the state. West Palm Beach-Boca Raton had the highest average price at $3.50 per gallon, followed by Naples at $3.43 and Gainesville at $3.42. Meanwhile, motorists in Crestview-Fort Walton Beach paid the lowest prices, averaging $3.08 per gallon, followed by Pensacola at $3.09 and Panama City at $3.13.
