Oil prices plunge sparking a big drop in Florida gas prices

 Florida gas prices are falling fast after a big drop in the crude oil market. Last week, the U.S. price for a barrel of oil fell to the lowest level since June 2023. The crude price plunge has reportedly been driven by concerns about both the U.S. and international economies, and the belief that global oil supplies could outpace global fuel demand by the end of the year.

"Declining oil prices lowers the cost of producing gasoline," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Unless oil prices reverse course, gas prices should move even lower. Currently about 23% of Florida retailers have prices below $3 a gallon. That number is likely to grow this week."

On Sunday, Florida gas prices averaged $3.16 per gallon. That's the lowest daily average price since February 12, 2024. Sunday's state average is 15 cents less than last week, 24 cents less than last month, and 47 cents less than this time last year. The highest price so far this year was $3.64 per gallon. The all-time high was $4.89 per gallon - recorded in June 2022.

On Friday, domestic oil prices settled at $67.67 per barrel. That's almost $6 per barrel (-8%) less than last week. Oil prices had been trading at more than $80 per barrel just one month ago. 

Visit GasPrices.AAA.com to view state and local average gas prices

Regional Prices

• Most expensive metro markets – West Palm Beach-Boca Raton ($3.35), Naples ($3.33), Gainesville ($3.29)
• Least expensive metro markets – Crestview-Fort Walton Beach ($2.88), Pensacola ($2.95), Panama City ($2.95)

Ways to Save on Gasoline

• Combine errands to limit driving time.
• Shop around for the best gas prices in your community. 
• Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
• Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
• Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.

AAA Resources for Drivers

• Enroll in savings programs. AAA Members who enroll in Shell's Fuel Rewards program can save 30 cents per gallon on their first fill-up and 5 cents per gallon each additional trip to the pump. Click here for more information.
• Get a tune-up. Ensure your vehicle is properly maintained to optimize its fuel economy. Visit AAA.com/AutoRepair to find a certified repair shop.
• Find the lowest gas prices in your area by using the free AAA mobile app.
• Determine anticipated fuel costs for your trip by using the AAA's Gas Cost Calculator.

Find Florida Gas Prices

• Daily gas price averages can be found at Gasprices.aaa.com 
• State and metro averages can be found here

	Sunday	Saturday	Week Ago	Month Ago	One Year Ago
National	$3.273	$3.281	$3.333	$3.455	$3.808
Florida	$3.164	$3.180	$3.308	$3.404	$3.625
Georgia	$3.066	$3.078	$3.143	$3.254	$3.572
Click here to view current gasoline price averages

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

About AAA - The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 64 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.