AAA: Florida gas prices trending downward

The average cost for a gallon of gas in Florida dropped seven cents in the last week after reaching another all-time high.

The national average also dropped below $5 a gallon. AAA says it doesn’t appear Florida’s average will get that high.

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As of Sunday, Florida gas prices averaged $4.82 a gallon.

“Florida drivers are finally catching a break after several weeks of rising gas prices,” AAA spokesman Mark Jenkins said. “Gas prices are following oil and gasoline future prices, which suffered significant losses last week.”

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Jenkins says those losses were possibly due to last week’s interest rate increase by the Federal Reserve Bank, sparking fears of a possible recession and lowering demand for fuel.

The national price of oil dropped 9 percent last week, according to AAA.

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Jenkins says if the downward trend continues, the rate at which gas prices drop could accelerate, eventually dropping the state average back to around $4.50 a gallon.

However, Jenkins warns the market is still unstable, and things can change quickly.

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