TAMPA, Fla. (WFLA) – Gas prices in Florida are declining once again, according to AAA – The Auto Club Group. Their daily gas price tracker shows prices are starting to trend down.

Last week, gas prices were down 7 cents a gallon and on Sunday, the state average was $3.50 per gallon. That’s eight cents lower than the 2023 high and only three cents higher than this time last year.

“Pump prices are moving lower again after a sharp drop in the oil and gasoline futures markets,” Mark Jenkins, a spokesman for AAA, said in a statement. “Oil prices are 10% lower than two weeks ago. Meanwhile, wholesale gasoline prices have fallen almost 40 cents. Unless the market suddenly rebounds, drivers could see gas prices drop another 5-15 cents this week.”

According to AAA, the price decline is due to a combination of domestic and global factors, including a recent move by the European Union to impose a price cap on Russian oil on Friday.

There is also speculation that the strong January jobs report could cause the Federal Reserve to pass an additional interest rate hike, which could potentially lower fuel demand, AAA reported.

AAA reported the highest gas prices were found in West Palm Beach-Boca Raton ($3.70), Naples ($3.59), and Fort Lauderdale ($3.57).

Meanwhile, the least expensive prices were recorded in Crestview-Fort Walton Beach ($3.25), Panama City ($3.26), and Pensacola ($3.33).

For more information or to view the national average gas prices, visit here.