Florida's gas prices are dropping: here's why

After weeks of seeing gas prices consistently rising, Florida drivers may soon see some relief at the pump as prices across the state have started to decline, AAA says.

The average price for a gallon of gas in Florida was $4.82 on Sunday, a decrease of 7 cents last week after reaching an all-time high of $4.89 per gallon.

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The decline comes after the U.S. price of oil dropped 9% last week, according to AAA.

"Gas prices are following oil and gasoline futures prices, which suffered significant losses last week. The losses are being tied to last week's rate hike from the Federal Reserve bank, sparking fears of a possible recession - which could lower fuel demand," explained AAA spokesperson Mark Jenkins. "Prices also faced resistance on reports that the Biden administration is considering possible limits on petroleum exports, in attempt to strengthen domestic supply."

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Nationally, the average price has also fallen back below $5 per gallon. But Jenkins cautioned that the fuel market's instability means the situation could change rapidly.

"If this downward trend holds, gas price drops could accelerate, moving the [Florida] state average back around $4.50 per gallon," Jenkins said. "It's looking less likely that the state average will surpass $5 a gallon, but the driving season is young."