ORLANDO, Fla. — According to AAA, Florida’s average gas price has fallen to $2.92 per gallon, the lowest in five months.
The decline in gas prices comes after a 12-cent drop over the past week, with the current average being 7 cents less than a month ago and 18 cents less than the same time last year.
“Florida gas prices declined 12 cents last week, reaching a five-month low,” said Mark Jenkins, spokesman for AAA - The Auto Club Group.
The cost to fill a 15-gallon tank with regular unleaded gasoline is now $44, which is $2.50 less than last year.
The U.S. crude oil prices also declined, with WTI crude dropping below $60 a barrel last week. Friday’s closing price was $58.90 per barrel, nearly $2 lower than the previous week.
The Energy Information Administration reported a significant build in domestic fuel inventories, indicating that supply is outpacing demand. As production levels from the U.S., Canada, and Brazil remain strong, OPEC+ is considering boosting output in November.
Florida drivers are seeing lower fuel prices as global supplies outpace demand, a trend that may continue.
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