Florida gas prices dropped 11 cents per gallon last week. On Sunday, the state average was $3.28 per gallon. That’s the lowest daily average price since the state’s gas tax holiday was in effect on October 31.
“Florida gas prices have plunged 30 cents in the past three weeks, due to low oil prices and strong gasoline supplies,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The downward momentum should continue this week. Unless fundamentals change, the state average could drift below $3.20 per gallon by next weekend.”
The U.S. price of crude oil increased 5% last week. Friday’s daily settlement of $79.98 per barrel is $3.70/b more than the week before.
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Despite the uptick, the price of crude remains 15% below the price three weeks ago, when gas prices began their 3-week descent., according to AAA.
COVID-19 lockdowns in China have kept strong downward pressure on oil prices, amid concerns that the lockdowns would reduce global fuel demand.