Florida gas prices drop to lowest point since June 2023 as oil market plummets

JACKSONVILLE, Fla. — Florida gas prices are seeing a significant decline following a sharp drop in crude oil prices according to AAA. The U.S. price for a barrel of oil has fallen to its lowest point since June 2023, driven by concerns over the U.S. and global economies and predictions that oil supply may exceed fuel demand by the end of the year.

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“Declining oil prices lower the cost of producing gasoline,” said Mark Jenkins, spokesman for AAA - The Auto Club Group. “Unless oil prices reverse course, gas prices should continue to drop. Currently, about 23% of Florida retailers have prices below $3 a gallon, and that number is expected to grow this week.”

On Sunday, Florida’s average gas price stood at $3.16 per gallon, the lowest daily average since February 12, 2024. This represents a 15-cent drop from last week, 24 cents less than last month, and 47 cents lower than this time last year. The state’s highest gas price this year was $3.64 per gallon, while the all-time high was $4.89 per gallon in June 2022.

On Friday, domestic oil prices settled at $67.67 per barrel, down nearly $6 (-8%) from the previous week, after trading above $80 per barrel just a month ago.

For more information on state and local gas prices, visit GasPrices.AAA.com.

Regional Gas Price Overview:

• Most expensive metro areas: West Palm Beach-Boca Raton ($3.35), Naples ($3.33), Gainesville ($3.29)
• Least expensive metro areas: Crestview-Fort Walton Beach ($2.88), Pensacola ($2.95), Panama City ($2.95)

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