Florida gas prices dropped to $3.16 per gallon this week, with further declines expected due to falling crude oil prices.

Gas prices across Florida have fallen following a sharp drop in crude oil prices, which hit their lowest levels since June 2023 over the past week.

As of Sunday, the average price for a gallon of regular unleaded gas in Florida stood at $3.16, the lowest daily average since February, according to AAA – Florida. Prices are down 15 cents from the previous week, 24 cents from last month, and 47 cents lower compared to the same period last year. The highest statewide average recorded in 2024 was $3.64 per gallon, while the all-time peak was $4.89 in June 2022.

According to AAA – Florida, the decline comes amid global economic concerns and forecasts of a potential oil surplus in the coming months, pushing down the cost of gasoline production.

“Declining oil prices lowers the cost of producing gasoline,” said Mark Jenkins, spokesman, for AAA – The Auto Club Group. “Currently about 23 percent of Florida retailers have prices below $3 a gallon. That number is likely to grow this week.”

Despite the statewide drop, regional price variations persist. West Palm Beach-Boca Raton posted the highest average at $3.35 per gallon, followed by Naples at $3.33 and Gainesville at $3.29. Drivers in the Crestview-Fort Walton Beach area enjoyed the lowest prices at an average of $2.88 per gallon, while Pensacola and Panama City both reported averages of $2.95.

Jenkins also suggests that prices at the pump could continue to decline if crude oil prices remain under pressure. However, future fuel costs will depend on the global oil market and broader economic conditions, which remain volatile.

“Unless oil prices reverse course, gas prices should move even lower,” he said.