Florida gas prices dip to five-month low

For the eighth consecutive week, Florida gas prices have fallen, they’re down 15 cents from last week

As of Monday, the state average was $3.78 per gallon. That’s the lowest daily average price since March 4th.

The state average has now declined a total of $1.11 per gallon since setting a new record high of $4.89 on June 13th.

In the Fort Myers – Cape Coral area on Monday, the average was $3.81 a gallon, Naples’ average was $3.96 and Punta Gorda was $3.67.

Monday’s national average was $4.06 a gallon.

“Falling oil prices and drooping gasoline demand have paved the way for the recent pump price plunge,” said AAA spokesman Mark Jenkins. “The downturn should continue this week, after another round of big losses in both oil and gasoline futures markets.”

The U.S. price for crude oil dipped below $90 per barrel last week, dropping to its lowest settlement price in 6-months.

The downturn in oil prices has largely been driven by market concerns that the global economy is heading for a recession. The price drop accelerated last week after weekly EIA supply and demand numbers showed a large gain in domestic crude oil and gasoline supplies. The same EIA report measured implied gasoline demand at nearly 13% below year ago levels – applying further downward pressure to prices at the pump.

“Florida drivers in some markets are beginning to find gas prices in the $3.60s, if not lower. The state average could very easily drop to that price point in the next week or two,” said Jenkins. “However, it’s worth remembering that the fuel market has proven to be extremely volatile this year, and trends can change rather quickly if something reignites concerns about fuel supplies.”