Falling Oil Prices Equate To Lower Florida Gas Prices, AAA Says

September 9, 2024

Florida gas prices fell after a drop in the crude oil market, according to AAA.

Last week, the U.S. price for a barrel of oil fell to the lowest level since June 2023. The crude price plunge has reportedly been driven by concerns about both the U.S. and international economies, and the belief that global oil supplies could outpace global fuel demand by the end of the year.

On Sunday, Florida gas prices averaged $3.16 per gallon. That’s the lowest daily average price since February 12, 2024. Sunday’s state average is 15 cents less than last week, 24 cents less than last month, and 47 cents less than this time last year. The highest price so far this year was $3.64 per gallon. The all-time high was $4.89 per gallon – recorded in June 2022.

The average price per gallon in Escambia County was $2.95. North Escambia prices were as low as $2.77 on Highway 29 in Cantonment, while Pensacola prices dipped to $2.63 on East Nine Mile Road.

On Friday, domestic oil prices settled at $67.67 per barrel. That’s almost $6 per barrel (-8%) less than last week. Oil prices had been trading at more than $80 per barrel just one month ago.

NorthEscambia.com photo.

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Written by William Reynolds · Filed Under FRONT FEATURE 

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