Florida gas prices sank to their lowest levels in three months. On Monday, pump prices are averaging $3.32 per gallon of regular unleaded in the state after declining 15 cents last week. Osceola County drivers are paying less at $3.25 per gallon, while the average price for a gallon nationally is $3.60.
Florida’s gas prices have mostly been on a downward trend through the past four weeks. During that time, the state average fell from $3.69/g to $3.33/g.
“The discount at the pump has largely been driven by falling oil prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “However, the downward trend could stall soon. Ongoing geopolitical tensions allowed oil prices to regain some strength last week, though they remain below price levels we saw three weeks ago.
The U.S. price of crude oil settled at $87.69 per barrel Friday. That’s $4.90 per barrel (6%) more than the week before, but well below the $93/b highs we saw on September 27th. The increase came after The Group of Seven (G7) announced plans to provide financial assistance to Ukraine by tightening sanctions against Russia. The market is also uneasy about the Israel-Gaza conflict. On Sunday night, the price of oil was trending lower in overnight trading.