Despite prices on a yo-yo, AAA says crude oil prices fall to four-year lows

Up sharply early in the week, downward through the late week and weekend.

Down a dime, up a quarter.

It’s the yo-yo of gas prices, which AAA say should come down in the near future due to global oil prices taking a tumble, which may be related to all of the tariff talk from President Trump.

The state average rose 15 cents per gallon early last week, reaching $3.22 per gallon for regular unleaded fuel, before drifting lower to $3.19 to start the week. The average price entering Monday in Osceola is $3.24, higher than neighbors Orange ($3.21), Polk ($3.22) and Brevard ($3.17). Locally we’re a dime higher than a week ago, a nickel higher than a month ago but still below the $3.39 average we saw this time last year.

“Oil prices plummeted last week, which should contribute to lower prices at the gas pump,” said AAA – The Auto Club Group spokesman Mark Jenkins. “The oil price plunge is reportedly attributed to concerns that tariffs could cause a global economic slowdown, potentially resulting in a reduction in fuel demand. The market is also now worried about an over abundance of global oil supplies. This comes after OPEC+ announced plans to raise oil production in May by about three times more than previously planned.”

The U.S. price for crude oil settled at $61.99 per barrel on Friday. That’s the lowest daily closing price since April 2021. The price of oil suffered additional losses on Sunday, falling below $60 in overnight trading. About half of the price consumers pay at the gas pump is influenced by the price of oil.

Visit GasPrices.AAA.com to view state and local average gas prices.