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Gas prices continue to drop

A gas pump nozzle is seen at a Miami gas station in 2018.
A gas pump nozzle is seen at a Miami gas station in 2018. Some activist shareholders are pushing companies to tie executive compensation to meeting climate targets.

Gas prices in Florida continue to slacken amid global jitters over the demand for oil and an increase in output from U.S. oil refineries.

According to the Triple A Auto Club, the average gallon of gas in Florida was selling for three dollars and 27 cents --- the lowest since early October, when the state’s month-long gas tax “holiday” began.

The lowest averages remain in Northwest Florida, at $3.00 per gallon in Pensacola and Crestview/Fort Walton Beach. The highest average continues to be in the West Palm Beach market, at $3.50.

The decline is attributed in part to an increase in output from U.S. oil refineries.

AAA also credits COVID-19 lockdowns in China, which have resulted in scaled-back consumption, for keeping down global pressure on oil prices.

Mark Jenkins at the auto club says the U.S. price of crude oil has increased five percent over the past week, but Floridians will continue to travel over the next month, even if gas prices go back up.

“With the holidays still a top priority for Americans, many people want to gather with their friends and family," he said. "They are willing to pay that extra cost to do so.”

Another factor for the current prices is that this year’s Atlantic hurricane season had little impact on oil refineries in the Gulf of Mexico. 

News Service of Florida