TAMPA (by Alan Spector/FLA. NEWS NETWORK) -- Gasoline prices continue to head in a downward direction.
According to AAA-The Auto Club Group, motorists are finding gasoline at or below $3.20 in metro markets like Orlando and Tampa.
"Motorists are reaping the benefits of booming domestic oil production which has provided the cheapest gas prices for August in years," said AAA spokesman Mark Jenkins. "The price of oil declined slightly last week, so gas prices could slip even more this week."
Tensions between Russia and Ukraine, and the situation in Libya are a concern, but so far, none have resulted in a disruption to the oil supply.
Ultimately, despite these geopolitical headlines and because of increased domestic production, oil prices continue to trade near multi-month lows. The price of West Texas Intermediate settled at $97.35 per barrel at the close of trading Friday, which is 30 cents lower than the week before.
AAA reports that, as of Monday, the nationwide average for a gallon of regular unleaded gasoline is $3.457, down just over two cents from a week earlier.
In Florida, the statewide average for regular was $3.354, also down by about two cents.