Florida's gasoline prices dropped an average of 15 cents per gallon last week, the fourth straight week of decline.
The slide is the result of lower oil and gasoline futures prices as traders fear a worldwide recession, according to the AAA auto club.
GasBuddy analyst Patrick De Haan says the decline in prices is the longest since before the COVID-19 pandemic began.
"We may see the trend last a fifth week, as long as oil prices remain cooperative," De Hann said in a blog post. "But we're not completely out of the woods yet — we could also see a sharp reversal in the decline. There remains the risk of a spike in prices that could send us to new record levels in August, should any disruptions occur.
"It could be a wild ride, but for now, the plummet at the pump shall continue."
The average price in Florida on Monday was $4.41 for a gallon of regular, AAA said. Metro Jacksonville was slightly lower at $4.38. The national average was $4.68.
A month ago, gas in Jacksonville was running $4.87 per gallon on average. A year ago, it was $2.97.
On average, it now costs $66 to fill a 15-gallon tank, AAA said. That’s $7 less than when prices were at record-levels in mid June.
AAA spokesman Mark Jenkins said analysts remain concerned about global fuel supplies, which is keeping somewhat of a floor on prices. "Unless there's a sudden rebound in the price of oil, the state average should drop below $4.30 this week," Jenkins said.
The price of crude oil plummeted early last week, dropping from $108.43 per barrel to $98.53 on Wednesday — the lowest closing price since April 2022. The market recovered some of those losses by the end of week, but GasBuddy said prices were slumping early Monday as COVID-related shutdowns in China caused concerns over demand.
