The national average price for a gallon of regular unleaded dropped for the 52nd-straight day Sunday, falling 45 cents since Sept. 26. During that same period, gas prices fell 41 cents in Florida, according to AAA.
"Gas prices are plunging in-line with the falling price of oil, declining demand, and pumps selling winter-blend fuel which is cheaper to produce," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gas prices should only get cheaper through the rest of the year."
The U.S. Energy Information last week forecast the average price of gasoline to be $2.94 a gallon in 2015. That is a 44-cent drop from its previous forecast of $3.38 per gallon. The national average price for a gallon of regular unleaded averaged $3.49 a gallon in 2013, and has averaged $3.45 a gallon so far this year.
"The change in EIA's forecast this month shows just how volatile gas prices can be," said Jenkins. "Motorists can expect low gas prices to linger through early 2015, but they will likely climb above $3 a gallon in the spring. Gas prices typically rise about 40 cents in the spring, due to reduced output during refinery maintenance season, increased demand, and the switch to summer-blend fuel. However, the price-hike should be temporary, if U.S. oil production continues placing downward pressure on the price of oil."
The price of oil is the lowest since October 2011.
The national average price for a gallon of regular unleaded ($2.89) is 4 cents cheaper than last week, 27 cents cheaper than a month ago and 32 cents below the price this time last year. Florida's average price ($2.88) is 3 cents cheaper than a week ago, 32 cents cheaper than last month, and 34 cents cheaper than a year ago.