Florida gas prices drop as crude oil costs decline, bringing relief to drivers

Pump prices in Florida fell 15 cents last week as crude oil prices declined, with the cheapest gas in Ocala reported at $2.74 per gallon.

By Kathy Dugan February 3, 2025 9:39 am

352todayCanva ProA motorist fuels up at a gas station, as pump prices continue to decline. The state's average gas price fell 15 cents over the past week, dropping to $3.07 per gallon, according to AAA.

OCALA, FL (352today.com) – Florida motorists are seeing relief at the pump as gas prices dropped 15 cents over the past week, falling from $3.22 per gallon to $3.07 by Sunday, according to AAA – The Auto Club Group.

“The discount at the pump came as a result of a decline in the price of crude oil,” said Mark Jenkins, spokesman for AAA. “Earlier this month, oil prices rose to multi-month highs due to frigid temps in the southern U.S. and sanctions on Russian crude. Now, oil prices are back down to where they were to start the year, allowing gas prices to fall too.”

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So far this year, gas prices in Florida have fluctuated between a high of $3.23 per gallon on Jan. 16 and a low of $3.06 per gallon on Jan. 8. Meanwhile, the U.S. price for crude oil has ranged between $72 and $78 per barrel, with a peak of $78 per barrel in mid-January before settling at $72.53 on Friday.

According to GasBuddy.com, the lowest reported gas price in Ocala as of Sunday was $2.74 per gallon at the Circle K located at 7580 SW Highway 200.

Gas prices can vary based on location and demand, and analysts will continue monitoring oil markets for potential impacts on fuel costs in the coming weeks.