After two weeks of sharp increases, gas prices across Florida are finally on their way down — a trend that could continue over the next few weeks.
According to a news release from AAA, the average price of a gallon of gas fell 2 cents from the previous week, to an average of $3.29 a gallon as of Jan. 9.
Gas prices had fallen 59 cents over six weeks through the end of November and into December — falling to a 2022 low of $2.99 a gallon on Dec. 26 — before spiking 32 cents at the end of 2022 and into the first week in January.
Mark Jenkins, spokesman for AAA, credits the falling gas prices to increased oil production, and a drop in global demand due to rising cases of COVID-19 in China.
"Gas prices soared in recent weeks, after winter storms caused temporary refinery outages," Jenkins said in the release. "Last week, we saw fuel prices retreat again, as refinery activity ramped back up and the market turned bearish on global fuel demand, due to rising cases of COVID-19 in China."
Jenkins said prices could gradually drop another 10-20 cents in the coming weeks.
"Don't expect significant discounts at the gas pump overnight," Jenkins said. "Gas prices always rise like a rocket and fall like a feather. That's because retailers often prefer to offload the more expensive gasoline first, then wait for their next delivery before lowering prices. So it could take a few weeks before retail prices fully adjust to the recent oil price drop. And that's assuming that oil prices don't change course between now and then."
Motorists across the greater Tampa Bay region are paying an average of $3.28 a gallon.
