JACKSONVILLE, Fla. – Gas prices are quickly falling across the Sunshine State after a significant drop in the crude oil market, according to the American Automobile Association.
“Declining oil prices lowers the cost of producing gasoline,” said Mark Jenkins, spokesman for AAA. “Unless oil prices reverse course, gas prices should move even lower.”
Recommended Videos
According to AAA, the crude price plunge has reportedly been driven by concerns about both the U.S. and international economies and the belief that global oil supplies could outpace global fuel demand by the end of the year.
AAA said 23% of retailers have prices below $3 a gallon and that number is likely to grow this week.
On Sunday, Florida gas prices averaged $3.16 per gallon. It’s the lowest daily average price since Feb. 12.
The highest price so far this year was $3.64 per gallon. The all-time high was $4.89 per gallon back in June 2022.
On Friday, domestic oil prices settled at $67.67 per barrel which equals to about $6.00 per barrel and is down from last week’s price per barrel.
According to Gas Buddy, there are a few gas stations around town that have gas for $2.87 per gallon, like Citgo in Yulee and Sam’s Club on Busch Drive.