Florida gas prices dipped below three dollars per gallon for the first time this year.
Florida’s average gas price has dipped below the $3 mark, settling at $2.99 per gallon on Monday morning.
The figure marks the first time this year that average pump costs have descended below the three dollar mark, and represents the lowest fuel costs in more than a month, partially attributed to a lower demand.
“The state average has plummeted more than 16 cents in the past two weeks,” said Mark Jenkins, spokesman for AAA. “Plunging temps across the country contributes to lower fuel demand, which normally leads to excess fuel supplies and lower prices. More than 70 percent of filling stations now have gas prices below $3 a gallon.”
Florida drivers have experienced fluctuating gas prices to begin the year, a trend that experts predict may persist. While strong refinery output and low seasonal demand have bolstered gasoline supplies, potentially stabilizing prices, concerns over potential conflicts in the Middle East are keeping oil prices relatively high, impacting gas prices.
“Gasoline supplies are strong right now, due to strong refinery activity and seasonally low demand. That would normally help keep gas prices low, but oil prices remain propped up by concerns over the possibility of widening conflict in the Middle East,” Jenkins said earlier this month.
Among surveyed metropolitan markets, West Palm Beach-Boca Raton reported the highest average gas price at $3.21 per gallon while Fort Lauderdale and Naples recorded average prices of $3.09 and $3.08 per gallon, respectively.
Meanwhile, Crestview-Fort Walton Beach boasts the cheapest fuel prices at $2.83 per gallon. Panama City follows closely behind with an average gallon of gas costing $2.84 and Pensacola rounds out the cheapest metro regions with an average of $2.92 per gallon.