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.
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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.”
Perplexed at the Pump? What makes up the price of a gallon of Gas? Our AAA gas price experts are here to help you understand. pic.twitter.com/aNRhjo1boy
— AAA (@AAAnews) January 28, 2022
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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.
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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.
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