AAA: Florida gas prices trending downward

ORLANDO, Fla. — The average cost for a gallon of gas in Florida dropped seven cents in the last week after reaching another all-time high.

The national average also dropped below $5 a gallon. AAA says it doesn’t appear Florida’s average will get that high.

READ: Florida man credits dog after lottery win

As of Sunday, Florida gas prices averaged $4.82 a gallon.

“Florida drivers are finally catching a break after several weeks of rising gas prices,” AAA spokesman Mark Jenkins said. “Gas prices are following oil and gasoline future prices, which suffered significant losses last week.”

READ: Florida homeowners still waiting on COVID relief

Jenkins says those losses were possibly due to last week’s interest rate increase by the Federal Reserve Bank, sparking fears of a possible recession and lowering demand for fuel.

The national price of oil dropped 9 percent last week, according to AAA.

READ: UCF Police host ‘Youth Mental Health First Aid’ course for local first responders, educators

Jenkins says if the downward trend continues, the rate at which gas prices drop could accelerate, eventually dropping the state average back to around $4.50 a gallon.

However, Jenkins warns the market is still unstable, and things can change quickly.

Click here to download the free WFTV news and weather apps, click here to download the WFTV Now app for your smart TV and click here to stream Channel 9 Eyewitness News live.

©2022 Cox Media Group