PBS and NPR for Southwest Florida
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Florida's trend of declining gas prices continues

Carl Lisciandrello
WUSF Public Media

Prices at the gas pump took another dip last week.

According to a news release from AAA, the average price of a gallon of gas dropped for the third straight week, to $3.29 a gallon.

That's 9 cents lower than the previous week, and 28 cents since late January.

It's also well below this year's high of $3.58 a gallon.

Mark Jenkins, spokesman for AAA, attributes the drop to concerns over potential interest rate hikes to address inflation.

"The fuel market is on a downward trend due to a combination of rising global oil supplies and renewed concerns that the U.S. Federal Reserve will pass another interest rate hike in effort to curb inflation," Jenkins said in the release. "This has already been a volatile year for prices at the pump, and that's likely to continue in the coming months.

"Gas prices normally increase in the spring as Americans take road trips, which drives up fuel demand. At the same time, refineries conduct springtime maintenance and begin making summer gasoline, which is more expensive to produce."

AAA says prices should fall again this week, to coincide with a drop in oil and gas futures prices.

Motorists across the greater Tampa Bay region are paying an average of $3.25 a gallon.
Copyright 2023 WUSF 89.7.

Carl Lisciandrello is digital news editor of WUSF Public Media.