AAA: Florida gas prices hit 2-month lows, down 15 cents from last week

TAMPA, Fla. — AAA reports that Florida gas prices dropped 15 cents per gallon last week. The state average has now declined for four consecutive weeks, falling a total of 47 cents during that time.

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“Floridians are getting some welcome relief from record high prices at the pump,” said Mark Jenkins, spokesman, AAA - The Auto Club Group. “The price declines are attributed to falling oil and gasoline futures prices, which suffered steep drops in recent weeks, due to concerns about a potential global economic recession, and how that could result in lower worldwide demand for fuel. However, there is still concerns about global fuel supplies, which is keeping somewhat of a floor on prices. Unless there’s a sudden rebound in the price of oil, the state average should drop below $4.30 this week.”

Drivers are now paying an average price of $4.42 per gallon, though Florida residents in some regions are paying less than $4.20/g. The state average is now at two-month lows. On average, it now costs $66 to fill a 15-gallon tank. That’s $7 less than when prices were at record-levels in mid-June.

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According to AAA, the U.S. price for crude oil plummeted early last week, falling a total of $10 per barrel in two days, before erasing some of those losses by the end of the week. Settlement prices went from $108.43 per barrel a week ago, down to $98.53 on Wednesday. That was the lowest closing price for oil since April 2022.

Unfortunately, the oil market recovered some of those losses by the end of the week. However, Friday’s closing price of $104.79 per barrel remains $3.64/b (3%) less than the week before. Below are some tips from AAA on where to buy and how to save money when fueling up.

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Regional Prices:

• Most expensive metro markets – West Palm Beach-Boca Raton ($4.63), Naples ($4.59), Fort Lauderdale ($4.52)
• Least expensive metro markets – Crestview-Fort Walton Beach ($4.25), Panama City ($4.30), Melbourne-Titusville ($4.30)

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Ways to Save on Gasoline:

• Combine errands to limit driving time.
• Shop around for the best gas prices in your community.
• Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
• Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2%.
• Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.

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