Florida gas prices dropping, could drop more in coming weeks

Florida gas prices dropped 7 cents per gallon last week, according to AAA.

On Sunday, the state average was $3.50 per gallon. That’s 8 cents below the 2023 high and only 3 cents more than this time last year.

The cheapest gas in the Jacksonville area, according to Gas Buddy, is the Gate Gas Station on Blanding Boulevard in Orange Park at $2.99. The second cheapest is the Circle K on Blanding Boulevard in Middleburg at $3.15. Gas Buddy relies on drivers to report the cheapest prices, so these prices may not be exact.

Mark Jenkins, who’s the spokesman of AAA, explained the price drop.

“Pump prices are moving lower again after a sharp drop in the oil and gasoline futures markets,” said Jenkins. “Oil prices are 10% lower than two weeks ago. Meanwhile, wholesale gasoline prices have fallen almost 40 cents. Unless the market suddenly rebounds, drivers could see gas prices drop another 5-15 cents this week.”

The drop is due to a combination of domestic and global factors, AAA said.

On Friday, the European Union agreed to impose a $100/b price cap on Russian oil.

There’s also speculation that the strong January jobs report could cause the Federal Reserve to pass additional interest rate hikes, which could potentially lower fuel demand, according to AAA.