Florida gas prices are lowering now that the fuel supplies have largely recovered from the record flooding that caused widespread outages in South Florida, according to AAA.
On Monday, Florida gas prices averaged $3.64 per gallon, AAA said. Nationally, gas prices averaged $3.61 a gallon.
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The cheapest gas prices in the Jacksonville area are at the 27 Discount Beverage in MacClenny for $3.29, according to Gas Buddy. Costco has cheaper prices, but you need a membership to fill up your tank there.
“In addition to stabilizing fuel supplies in Florida, the fuel market has cooled off in recent weeks,” said AAA spokesman Mark Jenkins. “Oil prices are on a two-week streak of declines which should enable gas prices to steadily decline through the week.”
Crude prices are now $5/b less than the highs set in mid-April after OPEC announced plans to cut oil production by a million barrels per day, beginning on May 1.
On Friday, the price of U.S. crude oil settled at $76.78 per barrel. That’s down 1% from the week before, adding to the 6% drop the week before. The declines are attributed to global economic concerns, despite favorable gasoline demand and supply numbers.