Gas Under $3 Most Places Now - Where's It Going Next?

Average retail gasoline prices in Florida have fallen 5.6 cents per gallon in the past week, averaging $2.96/g yesterday, according to GasBuddy's daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 3.9 cents per gallon in the last week to $2.99/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 28.5 cents per gallon lower than the same day one year ago and are 34.8 cents per gallon lower than a month ago. The national average has decreased 33.0 cents per gallon during the last month and stands 27.9 cents per gallon lower than this day one year ago.

“This past weekend we witnessed the national average declining under $3/gallon for the first time since December 22, 2010- an impressive feat that seems to have caught many motorists by surprise,” said Patrick DeHaan, senior petroleum analyst. 

“We have two different scenarios for gas prices from here on- if oil prices hold their current $80 level, gas prices nationally may see their decline wind down, only dropping another few cents. But if oil prices can drop to $78 or less, we could see the national average decline for several more weeks. It's hard to tell right now which way the market will go, since oil prices have halted their decline in the last week,” he noted.