Gas prices under $3 a gallon are in sight, AAA says

ORLANDO, Fla. — A recent plunge in crude oil prices continues to keep the cost of gasoline in a downward trend.

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A 4-cent drop over the past week landed Sunday’s average price of gas in Florida at $3.30 per gallon, according to AAA.

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And that decline at the pump should continue for motorists, barring a sudden rebound in oil prices.

AAA said the crude price cut was sparked by concerns about the emergence of omicron, the latest strain of COVID-19, and the implications it could have on future fuel demand.

The price of U.S. crude dropped 13% after Thanksgiving and remained low throughout this past week.

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Friday’s closing price of $66.26 per barrel weighed in 15% lower than the price recorded the day before Thanksgiving.

And it’s a hefty 21% below the 2021 high of $84.15/b - recorded just under a month ago, AAA noted.

“An oil price drop of that magnitude, if sustained, could potentially drive the state average back below $3 a gallon,” said Mark Jenkins, AAA spokesman.

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“But it won’t happen overnight. Florida pump prices are falling at a rate of 1 cent a day. Unless that rate accelerates, it could take a few more weeks before pump prices fully adjust,” Jenkins added.

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