Florida gas prices dropped by 13 cents to $3.33 per gallon last week, the lowest since mid-June, due to declining crude oil prices.

Florida motorists experienced a welcome decline in gas prices last week, with the average cost per gallon falling by 13 cents to $3.33, the lowest price recorded since mid-June.

The decrease in prices was largely attributed to a drop in crude oil and gasoline futures, influenced by concerns over a potential global recession. AAA Florida, in its weekly gas report, stated that the price of crude oil had been on a steady decline for four consecutive weeks, during which it dropped by 13 percent. However, last week saw a 5 percent rebound in crude prices, closing at $76.84 per barrel, remaining below the mid-$80 range observed in the previous month.

Market analysts linked the increase to several factors, including a weaker dollar, speculation about a potential U.S. interest rate cut in September, and ongoing geopolitical concerns in the Middle East. Moreover, a decrease in U.S. jobless claims contributed to renewed economic optimism, which may lead to a slight increase in gas prices in the coming days.

“Fuel prices had fallen under downward pressure amid concerns of a global recession. However, futures prices regained some ground last week, on renewed economic optimism, which could lead to a slight bump at the pump,” said AAA Spokesperson Mark Jenkins.

Despite the overall decline in prices, regional variations were seen across the state, as West Palm Beach-Boca Raton had the highest average price at $3.50 per gallon, followed by Naples at $3.43 and Gainesville at $3.42. Meanwhile, drivers in Crestview-Fort Walton Beach had the lowest prices, with an average of $3.08 per gallon, followed by Pensacola at $3.09 and Panama City at $3.13.