Gas prices dip 9 cents statewide, AAA says

TAMPA, Fla. (WWSB) - Florida gas prices dropped 9 cents last week, responding to a big drop in the oil market two weeks ago, AAA says.

Retail prices averaged $3.37 per gallon on Sunday. That’s 21 cents less than this year’s high and 75 cents less than what drivers paid this time last year.

After plunging 17% to a new 2023 low two weeks ago, the U.S. price of oil recouped some of those losses last week, after rising 4%. That could limit how much further gas prices fall.

AAA says since it often takes two weeks for retail prices to adjust to movement in the futures market, it’s possible that retail gas prices fall a little further this week, before leveling out or inching higher next week.