JACKSONVILLE, Fla – AAA announced Monday that gas prices dropped another 15 cents last week with the state being on a 5-week decline streak. Florida residents are paying an average of $4.25 per gallon.
The national average, according to AAA, is $4.52.
Last year, the price at the pump was $3 a gallon. On average it costs $64 to fill an average-sized 15-gallon tank of gas - which is $9 less than what drivers paid when gas prices hit $4.89 in mid-June.
AAA spokesperson Mark Jenkins said some Florida drivers are finding gas prices below $4 a gallon.
“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.”
Last week, oil prices dropped to about $10 a barrel. Friday’s closing price of $97.59 per barrel is $7.20 per barrel (7%) less than the week before - a little lower than in June.
As a reminder, the price of oil accounts for about half the price of gasoline. When oil prices drop, so do gas prices.
Here are ways you can save on gas:
- 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%.
- Drive conservatively. Aggressive acceleration and speeding reduce fuel economy.