Gasoline prices in Florida are at their lowest levels since December 2023.
The state average dropped to $2.93 per gallon on Sunday, 17 cents less than last week and 54 cents lower compared to the same time last year, reported the American Automobile Association (AAA).
In April, the average price of gasoline dropped by 10 cents and stood at $3.11 per gallon.
In the Tampa-St. Petersburg-Clearwater area, the price is slightly higher, averaging $2.92 per gallon.
Thus, the areas of the state with the cheapest gasoline are Panama City ($2.79), Crestview-Fort Walton Beach ($2.79), and Pensacola ($2.83). The most expensive markets are West Palm Beach-Boca Raton ($3.09), Gainesville ($3.06), and Naples ($3.04), the information details.
The drop in prices is linked to fears that the trade war could trigger a recession and reduce fuel demand, explained Mark Jenkins, spokesperson for AAA.
However, reports of a decrease in tensions driven prices of oil upward last week, which could result in an increase in prices at gas stations, Jenkins noted.
AAA suggests to Florida drivers several ways to save gasoline, such as avoiding sudden acceleration and exceeding the speed limit, or reducing excessive weight in the vehicle.
Trump insists that he will lower prices
This Monday, President Trump stated that his administration will drastically reduce the cost of living in the country.
In a post made on his social media platform Truth Social, the leader stated that he will lower "drug prices by 59%," in addition to reducing the costs of gasoline, energy, food, and "everything else."
The statement is part of a communication offensive in which Trump has promised to control inflation and punish the abuses of large pharmaceutical companies and foreign countries that, according to him, have economically exploited the United States for years.
On the other hand, recently the Federal Reserve (Fed) of the United States stood firm before the president and decided to keep interest rates unchanged in their current range of 4.25% to 4.5%, while issuing a strong warning about the negative effects that the new tariff policy could have on the country's economy.
In a context of rising trade tensions, Federal Reserve Chairman Jerome Powell warned that maintaining tariffs will "likely" create a dangerous combination: a resurgence of inflation, a slowdown in economic growth, and an increase in unemployment, cited the news agency EFE.
Additionally, last week, Trump announced that he would present a significant trade agreement with the United Kingdom and described it as “the first of many” economic deals he aims to promote.
Frequently Asked Questions About the Drop in Gas Prices in Florida
Why are gas prices falling in Florida?
Gasoline prices in Florida are decreasing due to several factors, such as the decline in oil prices, the increase in gasoline supply, and the seasonal decrease in demand. These elements have contributed to the average price of a gallon of gasoline dropping to its lowest levels since December 2023.
Where can I find the lowest gas prices in Florida?
The areas with the lowest gas prices in Florida include Crestview-Fort Walton Beach, Panama City, and Pensacola, where prices are below the state average. This contrasts with regions like West Palm Beach-Boca Raton, where costs are higher.
How does President Trump's policy affect gasoline prices?
President Trump has promised to reduce the cost of gasoline as part of his economic strategy, which includes deregulation, tax cuts, and a boost to the energy sector. However, trade policy could lead to a spike in inflation and impact prices in the future, according to warnings from the Federal Reserve.
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