Florida gas prices continue to fall, with some places paying below $4 a gallon
Gas prices fell 17 cents across the state last week and are now at their lowest levels since May.
According to AAA, the average of a gallon of gas was $4.25 a gallon as of Monday. It's the fifth consecutive week the price of gas has dropped, and some places are seeing gas below $4 a gallon.
Florida gas prices dropped another 15 cents last week. The state average is now on a 5-week streak of declines, falling a total of 62 cents per gallon. They're also down from their peak of $4.89 a gallon in mid-June.
Mark Jenkins, spokesman for AAA, says the decline can be traced to reduced demand nationwide along with concerns over a coronavirus outbreak in China.
"For the first time in a couple months, drivers in some Florida cities are beginning to find pump prices below $4 a gallon," Jenkins said in a news release. "Oil prices suffered significant drops last week, clearing the way for additional discounts at the pump. Although global supplies remain an ongoing concern, the EIA reported a steep drop in domestic gasoline demand.
"While this might be an anomaly, the market is taking it as an indicator that Americans could be shifting driving habits in response to high prices. Meanwhile, concerns about a new strain of COVID-19 and potential lockdowns in China, have reenergized global demand concerns."
Jenkins said the decline could continue this week but warned we're just one hurricane away from seeing prices spike again.
"Drivers are likely relieved to get a break from record-high prices, and prices could get even cheaper this week," Jenkins said. "However, it's important to remember that the market remains extremely volatile, and prices have the potential to bounce back.
"That particularly applies to hurricane season. If a major storm makes landfall along the Gulf Coast, impacting operations at refineries in Texas, Louisiana, or Mississippi, prices could spike, due to concerns about fuel supplies."
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