ORLANDO, Fla. – As Florida gas prices continue to drop after a record high, experts are warning the downward trend may be coming to an end.
AAA says the average price of gas in Florida as of Sunday was $4.12 per gallon, a drop of 6 cents compared to less than a week ago. But after the price of oil rebounded last week, the auto group said the downward trend of gas prices may be leveling out.
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“Global fuel supply concerns continue driving extreme volatility in the fuel market, leading to big swings in the price of oil,” said Mark Jenkins, spokesman with AAA. “After seeing strong drops two weeks ago, oil rebounded last week to a level that should cause falling gas prices to level off.”
The auto group said oil prices on Friday settled at $113.90 per barrel, which is nearly $10 less per barrel than this year’s high of $123.70 per barrel.
AAA said this drop in barrel price has been reflected in the drop over the last weeks at the pump.
“It looks like gas prices are likely to remain flat, possibly move a little bit lower, but things can change so quickly. Things are extremely volatile, so who knows what the market is going to be like later today, tomorrow, so we just have to kind of grit our teeth and bare it,” Jenkins said.