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The reasons behind falling gas prices
Gas prices continue to fall, with the national average for a gallon of gas dropping below $4 for the first time in months. There are a few reasons why -- but, will they stay down?
TAMPA, Fla. - Gas prices in Florida are continuing their downward trend, with the state's average declining for 10 consecutive weeks.
According to AAA, the average price for a gallon of regular gasoline in Florida is $3.54, the lowest daily average since March 1. Prices have fallen a total of $1.36 per gallon since mid-June.
"Gas prices are still falling, but not quite as fast as they did in recent weeks," said AAA spokesperson Mark Jenkins. "The state average was previously declining at a rate of 15-17 cents per week. Last week, however, the state average dropped 11 cents. This could be a sign that pump prices could soon begin to level out."
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Jenkins said oil prices are currently trading at levels last seen in February, prior to the start of Russia's invasion of Ukraine. Around that time, the state average for gas was around $3.40, which Jenkins said pump prices could possibly plateau.
It now costs about $53 to fill an average-sized 15-gallon fuel tank — $20 less than what drivers paid two months ago, when prices reached their all-time high of $4.89 per gallon.
Despite the recent downturn, AAA said drivers are still paying about 55 cents more per gallon than this time last year. That's the difference of about $8 on a full tank of gas.