Statewide gas prices have fallen to their lowest level since early March.
According to AAA, the average price of a gallon of gasoline fell to $3.79 last week. That’s 14 cents down from the previous week and $1.10 below the record price of $4.89 set on June 13.
AAA spokesman Mark Jenkins said the drop was due to falling oil prices and lower demand amid concerns the global economy was heading into a recession.
“Falling oil prices and falling gasoline demand have paved the way for the recent plunge in pump prices,” Jenkins said in a release. “The downturn is likely to continue this week after another round of big losses in both the oil and gasoline futures markets.”
Jenkins said prices could soon fall below $3.70 in some areas across the state.
“The fuel market appears to be in decline territory,” Jenkins said. “Florida drivers are beginning to find gas prices in the $3.60 range, if not below, in some markets. The state average could fall very slightly to this price point in the next week or two. However, it is worth remembering that the fuel market has proven to be extremely volatile this year and trends can change fairly quickly if anything reignites fuel supply concerns.”
Motorists in the Tampa Bay area pay an average of $3.73 per gallon.
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