ORLANDO, Fla. – Gas prices in Florida declined 12 cents last week, reaching an average of $2.92 per gallon on Sunday, marking the lowest daily average price in the state since May.

In addition to the 12-cent drop, prices are 7 cents less than a month ago, and 18 cents lower than the same time last year, according to AAA.

Filling a 15-gallon tank with regular unleaded gasoline now costs about $44, which is $2.50 less than last year.

“Florida gas prices slipped to the lower end of the 30-cent range, which it has fluctuated within for the past year,” said AAA spokesman Mark Jenkins. “Global fuel prices are facing downward pressure on reports that global fuel supplies are outpacing demand.”

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The U.S. price of crude oil has dropped 10% over the past two weeks, AAA said.

Last week, the U.S. Energy Information Administration reported a significant build in domestic fuel inventories, signaling that supply is outpacing demand. With strong production levels continuing in the U.S., Canada, and Brazil, OPEC+ is considering boosting output in November.

Regional Prices

• Most expensive metro markets are West Palm Beach-Boca Raton ($3.09), Gainesville ($3.05), Naples ($2.97)

• Least expensive metro markets include Crestview-Fort Walton Beach ($2.76), Pensacola ($2.79), Panama City ($2.81)