Florida gas prices lowest since February, AAA says

TAMPA, Fla. — AAA announced that Florida gas prices are the lowest since February. The state average has steadily declined for the past 17 consecutive days, dropping a total of 25 cents during that time.

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AAA said that at first, gas prices gradually declined about 1 cent per day for about a week. Then discounts accelerated, dropping the price 19 cents in the past 9 days.

Sunday’s state average was $3.30 per gallon and the lowest daily average price since Feb. 28.

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Florida’s average gas price is now 15 cents less than a week ago, 22 cents less than a month ago and 9 cents less than this time last year.

“Floridians and summer visitors will be pleasantly surprised when they go to fill up the gas tank this week,” said Mark Jenkins, spokesman for AAA. “Gas prices are the lowest in several months because of weakness in the oil and gasoline futures markets.”

Through most of March and April, U.S. oil prices ranged from $80-85 per barrel. However, during the past 3 weeks, crude prices dropped 6%. Friday’s closing price was $75.53 per barrel, which is down almost $5 per barrel from 3 weeks ago.

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Oil analysts at OPIS attribute the weakness in the petroleum markets to a stronger dollar and better-than-expected U.S. employment data, which raised concerns that the Federal Reserve could delay an interest rate cut. The market believes this would stall fuel demand growth.

Additionally, analysts attribute oil price losses to the recent agreement between OPEC and its allies to gradually relax some voluntary output cuts later this year. Doing so could strengthen global fuel supplies.

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Regional Prices

Most expensive metro markets – West Palm Beach-Boca Raton ($3.52), Naples ($3.42) and Miami ($3.39)

Least expensive metro markets – Crestview-Fort Walton Beach ($3.08), Panama City ($3.11) and Pensacola ($3.13)

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