Crude Oil Prices Fall To 4-Year Lows

April 7, 2025

Florida gas prices shot up early last week, but were back on the downward trend through the weekend.

The state average rose 15 cents per gallon last week, reaching $3.22 per gallon, before drifting lower again. Sunday’s state average was $3.19 per gallon. That’s 8 cents more than a week ago, 6 cents more than last month, and 29 cents less than a year ago.

The average price per gallon in Escambia County was a quarter below the state average s $2.94. A low price of $2.73 was available Sunday night at a station on East Nine Mile Road. In North Escambia, the lowest available price was $2.79 at a station of South Highway 29 in Cantonment.

“Oil prices plummeted last week, which should contribute to lower prices at the gas pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The oil price plunge is reportedly attributed to concerns that tariffs could cause a global economic slowdown, potentially resulting in a reduction in fuel demand. The market is also now worried about an over abundance of global oil supplies. This comes after OPEC+ announced plans to raise oil production in May by about three times more than previously planned.”

The U.S. price for crude oil settled at $61.99 per barrel on Friday. That’s the lowest daily closing price since April 2021.

NorthEscambia.com photo.

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Written by William Reynolds · Filed Under News