The average price of gasoline in Florida is $ 3.28, down 3 cents from last week and ending a long period of increases.
They could continue to fall, according to the latest AAA – The Auto Club Group report.
The price of crude oil fell 7% last week as domestic oil production and inventories registered weekly gains. This is the first real sign of weakness in the oil market in a month.
Unfortunately for motorists, half of that drop in oil prices was wiped out by the end of the week, as fuel demand continues to outpace global supply, the Auto Club said.
The price of US oil stood at $ 81.27 per barrel, down $ 2.30 (3%) from the previous week, lowering the cost of producing gasoline.
“Gas prices may drop slightly this week, following recent declines in oil and gasoline futures,” Auto Club spokesman Mark Jenkins said. “Despite the setback, significant upward pressure persists in the oil market.”
Prices are still at seven-year highs and will likely remain high during the holiday season, which in turn will keep upward pressure on prices at the pump, Jenkins said.
Some gas prices at Citrus County stations are slightly above the state average, while others are lower.
A random check on Monday with GasBuddy found it as low as $ 3.16 a gallon at the Homosassa RaceTrac. The Citgo at Hernando was $ 3.35.
These prices can change quickly, so for the latest information visit www.gasbuddy.com.