Image via Shutterstock One reason for the plunge is that the US price for crude oil fell to its lowest settlement price in six months last week.
Image via Shutterstock

In some markets, Florida drivers are finding gas prices in the $3.60s or lower.

Floridians, here’s some good news for the summer! Since hitting a record high in June, the average price of gasoline fell another 14 cents per gallon in the past week. This came after 17-cent drops for two consecutive weeks.

At this time, the average cost to fill up a 15-gallon tank is $57, down from the budget busting $73.50 drivers paid two months ago.

In fact, in some markets Florida drivers are finding gas prices in the $3.60s or lower. For example, in the Crestview-Fort Walton Beach market gas averaged $3.56 per gallon, while The Villages saw gas at $3.64. Jacksonville hit $3.72 per gallon, Orlando $3.73, and Tampa fell to $3.74. The highest prices were found in the West Palm Beach-Boca Raton market, at $4.00 per gallon.

“Falling oil prices and drooping gasoline demand has paved the way for the recent pump price plunge,” Mark Jenkins, spokesman for AAA – The Auto Club Group, said in a statement. “The downturn should continue this week, after another round of big losses in both oil and gasoline futures markets.”

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The reason for the price plunge is that, by driven by market concerns the global economy is heading for a recession, the US price for crude oil fell to its lowest settlement price in six months last week, dipping below $90 per barrel, with Friday’s closing price 27% lower than in mid-June.

“Gas prices have dropped since mid-June and should continue to come down in the days and weeks ahead. I know those extra dollars and cents mean something,” President Joe Biden has said.

However, Jenkins cautions Floridians to remember that the fuel market has proven to be volatile this year, “and trends can change rather quickly if something reignites concerns about fuel supplies.”