Florida gas prices drop for fifth consecutive week

Jacksonville, Fl — More welcome news as you plan out a Christmas trip - gas prices in Florida have fallen 12 cents per gallon, the fifth consecutive weekly price drop.

The state average is $3.04 per gallon, and it’s pretty easy to find prices below $3 a gallon in the Jacksonville area. The state average has now declined five consecutive weeks, falling a total of 54 cents per gallon since mid-November.

AAA says these low gas prices are an early gift for drivers, especially the 5.8 million Floridians who are forecast to take a year-end holiday road trip. Sunday’s state average is almost 20 cents per gallon less than what travelers paid at the pump last Christmas ($3.23).

“The plunge at the pump is the result of falling oil prices, which have plummeted primarily due to market concerns about a global economic recession,” said Mark Jenkins, Public Relations Manager, AAA - The Auto Club Group. “Lower oil prices lowers the cost of producing gasoline. These low gas prices should hang around through the end of the year, unless oil prices unexpectedly rebound.”

In early November, the price of oil settled at $92.61 per barrel. Since that time, oil declined by as much as 23%.

Friday’s daily settlement of $74.29 per barrel is $3.27 per barrel more than the week before. While that could slow the rate of falling prices at the pump, it’s unlikely to be enough to cause a significant increase.