ORLANDO, Fla. — A recent plunge in crude oil prices continues to keep the cost of gasoline in a downward trend.
>>> STREAM CHANNEL 9 EYEWITNESS NEWS LIVE <<<
A 4-cent drop over the past week landed Sunday’s average price of gas in Florida at $3.30 per gallon, according to AAA.
Read: Deputies search for hit-and-run driver who killed bicyclist after crash in Polk County
And that decline at the pump should continue for motorists, barring a sudden rebound in oil prices.
AAA said the crude price cut was sparked by concerns about the emergence of omicron, the latest strain of COVID-19, and the implications it could have on future fuel demand.
The price of U.S. crude dropped 13% after Thanksgiving and remained low throughout this past week.
Read: Shooter at large after man shot at apartments near Pine Hills, police say
Friday’s closing price of $66.26 per barrel weighed in 15% lower than the price recorded the day before Thanksgiving.
And it’s a hefty 21% below the 2021 high of $84.15/b - recorded just under a month ago, AAA noted.
“An oil price drop of that magnitude, if sustained, could potentially drive the state average back below $3 a gallon,” said Mark Jenkins, AAA spokesman.
Read: Holiday sales on track to shatter spending record
“But it won’t happen overnight. Florida pump prices are falling at a rate of 1 cent a day. Unless that rate accelerates, it could take a few more weeks before pump prices fully adjust,” Jenkins added.
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.