Florida gas prices continue to fall, hit lowest average price since February: AAA

Florida's gas prices continue to drop with the state's average declining for the third week in a row. AAA says prices have fallen a total of 20 cents per gallon since the last week of August.

Drivers in the Sunshine State are now paying an average of $3.42 a gallon — the lowest daily average price since Feb. 1, according to AAA.

Gas prices have fallen a total of $1.47 per gallon since mid-June, when the state reached a record high of $4.89.

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It now costs Florida drivers $51 to fill an average-sized 15-gallon tank of gas. That's $22 less than what drivers paid three months ago.

"Crude oil and gasoline futures finished the week slightly lower than the week before, on ongoing concerns that a global recession and potential U.S. interest rate hike could stifle global fuel demand," AAA spokesman Mark Jenkins said in a statement. "This should enable gas prices to slip even lower this week." 

AAA says refineries switching from summer to cheaper winter fuel blends should also help keep prices down. The average price, however, still remains higher than a year ago, when it was $3.10 a gallon.

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According to AAA, the average price in the Tampa Bay area as of Monday is $3.38 per gallon for regular gasoline — slightly lower than the state's average.

Prices are expected to decline a bit more, at least in the near future. 

Next month, Florida will temporarily lower its gas tax, saving drivers even more at the pump. The state estimates about a 25-cent per gallon savings. That begins on Oct. 1 and runs through the 31st.