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Florida News

Gas prices across Florida take a 10-cent dip

Carl Lisciandrello
/
WUSF Public Media

Motorists across the state saw some relief at the gas pump last week.

In a press release, AAA says the price for an average gallon of gas dropped 10 cents last week, to $4.07 a gallon.

That's 31 cents lower than the record high set this time last month.

Mark Jenkins, spokesman for AAA, attributes the drop to lower crude oil prices, and increased supply after the U.S. and its allies released a record 240 million barrels of oil last month.

Jenkins also says demand could drop over concerns of a COVID-19 outbreak in China.

"Gas prices are following the downward trend set by falling crude oil prices," Jenkins said in the release. "Oil futures are falling because of global demand concerns related to COVID-19 outbreaks in China. The potential of higher U.S. interest rates and a strengthening dollar have also put downward pressure on petroleum prices.

"In addition to all that, members of the IEA have joined the United States' in an unprecedented release of petroleum reserves to offset the shortfall of Russian crude."

The U.S. price for oil on Monday was $94.29 a barrel. AAA says that's the lowest since February, before Russia invaded Ukraine.

Motorists across the greater Tampa Bay region are now paying an average of $4.05 a gallon.

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