Florida gas prices dropped 8 cents per gallon, last week. The state average has now declined three consecutive weeks, for a total discount of 24 cents per gallon, since mid-April.
On Sunday, the state average was $3.48 per gallon, which was the lowest daily average price since April 6.
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“Weakness in the oil market has contributed to the recent drop in gas prices,” said Mark Jenkins, spokesman, AAA - The Auto Club Group. “That weakness has been driven by domestic economic concerns. Underwhelming Chinese economic indicators have also created uncertainty about global fuel demand. With continued volatility in the fuel market, it’s unclear whether this downward trend will continue in the lead-up to the busy Memorial Day travel weekend.”
The cheapest gas in the Jacksonville area is the Circle K on St. Johns Bluff Road South for $3.11 a gallon, according to Gas Buddy.
The U.S. price of crude has fallen 15% during the past month. Friday’s closing price of $70.04 per barrel was the lowest daily settlement in seven weeks and $13.22/b less than the 2023 high set on April 12.