Florida gas prices have dropped following a decline in the crude oil market, according to AAA.
Last week, the U.S. crude oil price fell to its lowest level since June 2023. This drop is attributed to concerns over the U.S. and global economies and expectations that global oil supply might exceed demand by the year’s end.
As of Sunday, the average gas price in Florida was $3.16 per gallon. This is the lowest daily average since February 12, 2024. Sunday’s price is 15 cents lower than the previous week, 24 cents lower than last month, and 47 cents lower than a year ago. The highest price this year was $3.64 per gallon, while the all-time high was $4.89 per gallon in June 2022.
In Escambia County, the average price was $2.95 per gallon. In North Escambia, prices were as low as $2.77 on Highway 29 in Cantonment, and in Pensacola, they fell to $2.63 on East Nine Mile Road.
On Friday, domestic oil prices closed at $67.67 per barrel, nearly $6 (or 8%) lower than the previous week. Just one month ago, oil prices were above $80 per barrel.