Tampa Bay gas dips below $3, its lowest price in over a year

The cost of gasoline is dropping with the temperature this week.

A gallon of regular gas was selling below an average of $3 this weekend in the Tampa Bay area, according to AAA The Auto Group, as Florida gas prices dropped to their lowest level since September 2021.

Prices fell for five straight weeks across Florida as demand for gas tapers during the colder months and oil supplies increased, AAA said. Typically, gas prices fall in the U.S. winter months due to shorter days and more hazardous weather conditions. Fears of a recession are also affecting prices.

“The plunge at the pump is the result of falling oil prices, which have plummeted primarily due to market concerns about a global economic recession,” said AAA spokesperson Mark Jenkins in a statement. “Lower oil prices (lower) the cost of producing gasoline. These low gas prices should hang around through the end of the year, unless oil prices unexpectedly rebound.”

The lower prices will bring some relief to Tampa Bay drivers after prices nearly hit $5 in June as the war in Ukraine made oil markets highly volatile. The last time prices in the region were below $3 was on Oct. 6. The average cost of regular fuel on Monday in the region was $2.98, $3.39 for mid, $3.71 for premium and $4.63 for diesel, according to AAA. Regular gas in Florida was slightly above $3.

The Tampa Bay Times has a team of reporters focusing on rising costs in our region. If you have an idea, question or story to tell, please email us at costofliving@tampabay.com.

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